Orlando, Fla. ? Vijay Singh launched a 7-iron into the air and over the water, then posed as it descended toward the flag on the 18th green Sunday in what looked like a fitting conclusion to his return as No. 1 in the world.

All he wanted was the trophy at the Bay Hill Invitational.

Singh had to settle for the No. 1 ranking.

Kenny Perry emerged the winner in a dramatic finish at Arnold Palmer’s tournament, surviving a late charge by Singh that ended when his gutsy shot came up short, crashing against the rocks and into the lake for a double-bogey.

“It looked like it was going to fly right next to the hole,” Perry said. “From my angle you’re thinking, ‘Man, that looks perfect.’ And then to see it … I was stunned.”

No longer needing to match Singh’s aggressive play, Perry hit safely to the middle of the green some 70 feet away, lagged to two feet and closed with a 2-under 70 for a two-shot victory over Singh (69) and Graeme McDowell (66).

The only consolation for Singh was the No. 1 ranking after loaning it to Tiger Woods for two weeks.

“Big deal,” he said. “I lost the tournament.”

It was the second straight week Singh blew a great chance to win. He missed a 30-inch par putt on the second playoff hole at the Honda Classic to lose to Padraig Harrington.

Perry, 44, became the oldest winner at Bay Hill and picked up his eighth career victory, worth $900,000. He finished at 12-under 276, the number he had in mind.

And it came down to the final three holes against Singh, which he expected all along.

Singh holed a 15-foot birdie putt on the 15th, nearly holed out a wedge on the par-5 16th for a tap-in birdie, then pulled into a share of the lead on the 17th when Perry’s eight-foot par putt lipped out.

And when Singh blistered his drive on the 18th, leaving him 174 yards away, he appeared to have a big advantage. The flag was all the way to the back right of a green shaped like a banana, with water all along the right side.

“I was trying to win the golf tournament,” Singh said. “If I had to do it again, I probably would have hit a different club, played safer a little bit and hopefully see if Kenny made a mistake. But that’s not the way I play.”

U.S. Open champion Retief Goosen opened with a 78 and was tied for 93rd. He thought about pulling out, but stuck around and wound up fourth after closing with rounds of 67-68-70, including a birdie on the 18th.