Larrazabal (67) finished at 14-under 274, one shot clear of McIlroy (68) and Mickelson (69). Craig Lee, the 54-hole leader, shot 77 in the final round and plummeted to joint 10th.
Mickelson’s chance for victory was doomed on the par-4 13th hole, where his tee shot landed in some bushes. He didn’t have a stance and decided to take a right-handed swipe, but he double-hit the ball and eventually made a 7.
Mickelson’s three birdies in his last five holes weren’t enough to force a playoff.
McIlroy wasn’t quite as sharp on the greens on the final day, and he was left to rue what could have been after the two-shot penalty following his third round.