The rivals started the day tied for the lead and were still tied going to the 72nd hole. Palmer, however, saved his par after coming up short of the green. Allenby, who was long on his approach shot to the green, chipped to within 8 feet but missed the par putt.
Palmer finished at 15-under 265. Allenby was at 266 and Steve Stricker, who cloded with 65, was at 267.
Augusta native Charles Howell closed with 64 and tied for fifth place.