Browne, a two-time winner on the PGA Tour, shot 71 at the famed Pebble Beach Golf Links, and saw his three-shot overnight lead completely evaporate, as Todd Barranger carded a 63 to tie the 42-year-old at 17-under-par 271.
The two both birdied the first extra hole and then recorded pars at the second.
Finally, on the third extra hole, Browne pitched to within three feet to set up the winning birdie putt. For his efforts on the week, he collected $60,000.
I had a couple of loose putts, but I played better than I did in the final round of the AT&T, Browne said.
This event ' in its 30th year this season ' has been a staple in the off-season, and is open to players from the PGA Tour, Senior Tour, LPGA Tour and Buy.Com Tour.
Brian Mogg (67), Bruce Summerhays (66) and Kirk Triplett (67) all finished in joint-second at 16-under.