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Phil Mickelson claimed the $9m (£7m) winner-takes-all prize in a dramatic duel with Tiger Woods which finished under floodlights in Las Vegas.
The matchplay between the two Americans went to a 22nd hole before Mickelson sunk a four-foot putt for victory.
Woods chipped in on the 17th to stop Mickelson putting for the match, then missed a chance himself from eight feet on the first extra hole.
That led to a sudden-death play-off on a 93-yard hole which Mickelson edged.
It was a suitably extraordinary finish to an event which, although lacking quality as a sporting spectacle, had promised to show golf as it had never been seen before.
"I'm just trying to calm down, my heart can't take any more, it was such an incredible opportunity," Mickelson, 48, said.
"He's the greatest of all time but to have a little bit of smack talk for the coming years means a lot to me because I don't have a lot on him!"