The 24.5-meter maxi officially took 29 minutes 46 seconds off the record of two days, 14 hours 36 minutes and 56 seconds set by U.S. maxi Kialoa in 1975.
"We lost it three times and then we won it. It was a great win," said German owner Hasso Plattner after crossing the finish line on the Derwent River in Tasmania on Sunday.
Morning Glory boasted some of the world's best sailors, including victorious America's Cup helmsman Russell Coutts of New Zealand.
Plattner said: "We had a terrible start but we recovered from that. Then we ran into a southerly front ... and had to lower the mainsail because the leech line broke. At one stage we were 10 [nautical] miles behind [the leader] Exile.
"Then we approached Tasmania and everything was looking good and then the wind died again," said the German industrialist. "I couldn't stand it. I went below and looked at the computer for a while -- the crew never gave up."
After being becalmed late on Saturday off the mid-east coast of Tasmania, Morning Glory, skippered by Barry McKay, picked up a strong 19 knot southwesterly headwind in the early hours of Sunday to surge up the Derwent.
In the chilly darkness and surrounded by a score of spectator boats, the Australian-built but German-owned maxi powered away, with Plattner at the helm, tacking twice before crossing the line and breaking the record.
Hong Kong pocket maxi Exile finish second, some three hours later, followed by Australian maxi Amazon in fourth and the newly launched cruiser-racer Sydney, helmed by Australian America's Cup veteran Iain Murray, in fifth. The remaining 73 boats were stretched along the Tasmanian coast.
The race record had stood for so long mainly because of the unpredictable winds off Tasmania's east coast and in the final run up the Derwent.
In the past two years the lead yacht has been well within the race record charging down the Tasmanian coast, only to be becalmed and robbed of the record.
Plattner collected $237,000 for breaking the record, the richest prize money for a record-breaking line honors win in a single ocean race.
He said he would give the money to the crew. The win and record by Morning Glory represent a remarkable comeback for the German maxi, which broke her mast only days before the start on Thursday, forcing a frantic mission to fly in a replacement from New Zealand.
Morning Glory was also one of 25 boats forced back to the starting line after a premature start and then survived 40 knot southerly gales which snapped masts and shredded sails of some of the race favorites only hours after the start.
Morning Glory was the only overseas maxi competing in the race. Although built in Sydney in 1995, she had not raced in Australia before.
The maxi won the Cape Town to Rio in January, but had suffered a jinx since then, breaking her mast three times -- during the Kenwood Cup in Hawaii, the Big Boat Series off San Francisco and again before the Sydney-to-Hobart.
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