What the 36-year-old Zimbabwean described as 'the finest four rounds of golf I have ever put together' earned him the sport's biggest first prize of pounds 684,931 and rewrote the record books.
His closing 65, which started with him holing a 135-yard wedge shot for an eagle two, equalled the Bophuthatswana course record, while his final total of 264, 24 under par, broke the previous best for the tournament, set by Bernhard Langer two years ago, by eight.
The previous biggest winning margin in an event which brings together some of the top players in the world was six strokes by Seve Ballesteros in 1984 and as Nick Faldo, 17 strokes back in fifth place, said: 'He (Price) was on a different planet this week.'
Price's sixth victory of 1993 also broke Faldo's record for the most money earned in one season. He is leading money-winner on the American tour with dollars 1.4m and his 1993 total has reached a staggering dollars 2.78m.
His fellow countryman Mark McNulty finished second, Langer was third three shots further back and the South African, Fulton Allem, was fourth on eight under.
Ian Woosnam was 12th and last on 21 over par - an unbelievable 45 shots adrift. That was a tournament record too.
'I know what I have done, but it's hard to comprehend. I am just stunned,' Price said.
'I thought about the money only once all week. We're very lucky to be in an era where we make a lot more money than players used to.
'I haven't won a major this season, but I still feel it's been a phenomenal year. And this has capped it off - especially after what's happened here in the past.' Last year he was disqualified when joint leader for moving an advertising hoarding.
Faldo, returning from a three-week injury lay-off, had stayed with Price with his first- day 67, but was then left behind.
'My arms have been fine and I've worked hard on my game this week, but not well enough for one guy,' he said.
'Even at my best I doubt whether I could have stayed with him, but it would have been a lot of fun trying. He was swinging well and focused well and he's on an unbelievable roll.'
Woosnam said: 'I'm just going to have to write it off as one of those weeks. I was struggling with the whole of my game when I got here and I've found nothing.'
After a week's rest at his Jersey home, Woosnam plays in the Johnnie Walker World Championship, where Faldo is the defending champion. Price, like Greg Norman and Payne Stewart, has pulled out of that event, preferring to spend more time with his family.
MILLION DOLLAR CHALLENGE (Sun City, Bophuthatswana) Final scores: 264 N Price (Zim) 67 66 66 65. 276 M McNulty (Zim) 71 70 68 67. 279 B Langer (Ger) 72 69 70 68. 280 F Allem (SA) 72 70 72 66. 281 N Faldo (GB) 67 73 72 69. 285 C Pavin 71 70 71 73. 287 E Els (SA) 76 69 69 73. 288 D Frost (SA) 71 70 73 74. 290 M O'Meara (US) 74 71 70 75. 295 L Janzen (US) 76 73 75 71; P Stewart (US) 75 75 72 73. 309 I Woosnam (GB) 76 78 80 75.Reuse content