The BL Lac object 1ES 1011+496 was discovered at very high energy (VHE, E > 100GeV) γ-rays by Major Atmospheric Gamma-ray Imaging Cherenkov (MAGIC) in Spring 2007. Before that the source was little studied in different wavelengths. Therefore, a multiwavelength (MWL) campaign was organized in Spring 2008. Along MAGIC, the MWL campaign included the Metsähovi Radio Observatory, Bell and Kungliga Vetenskapsakademien (KVA) optical telescopes and the Swift and AGILE satellites. MAGIC observations span from 2008 March to May for a total of 27.9 h, of which 19.4 h remained after quality cuts. The light curve showed no significant variability yielding an integral flux above 200 GeV of (1.3 ± 0.3) × 10-11 photons cm-2 s-1. The differential VHE spectrum could be described with a power-law function with a spectral index of 3.3 ± 0.4. Both results were similar to those obtained during the discovery. Swift X-ray Telescope observations revealed an X-ray flare, characterized by a harder-when-brighter trend, as is typical for high synchrotron peak BL Lac objects (HBL). Strong optical variability was found during the campaign, but no conclusion on the connection between the optical and VHE γ-ray bands could be drawn. The contemporaneous spectral energy distribution shows a synchrotron-dominated source, unlike concluded in previous work based on non-simultaneous data, and is well described by a standard one-zone synchrotron self-Compton model. We also performed a study on the source classification. While the optical and X-ray data taken during our campaign show typical characteristics of an HBL, we suggest, based on archival data, that 1ES 1011+496 is actually a borderline case between intermediate and high synchrotron peak frequency BL Lac objects.