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, 48, sank a four-foot putt for victory.
Woods, 42, 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.
With 19 majors between them and two decades at the top of the game, Woods and Mickelson are two of the most recognisable golfers on the planet and this head-to-head battle was the latest chapter in an enduring rivalry.