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The South African established a new course record of seven-under-par 65 and a new tournament record total of 11-under to claim the $400,000 first prize.
![[ image: width=150]](/olmedia/images/_32622_tiger3.jpg)
Tiger Woods, the Masters champion, led after the first round of the 36-hole event with a 66, but a final round of 71 was good enough only for second spot.
He finished two shots ahead of PGA championship winner Davis Love, who had rounds of 71 and 67.
Justin Leonard, the British Open champion, finished at five-over, completing the final round in an even-par 72.
"I'm obviously very satisfied with my victory and when you play in the Grand Slam, you know you are going up against the best players," said Els.
"I know it wasn't a mismatch, but there were times when it felt like it, particularly with Tiger playing so well down the stretch yesterday."
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