MADRID (AFP) — Bulgaria's Veselin Topalov on Saturday won the Grand Slam Chess Final Masters in Spain, beating 17-year-old Norwegian prodigy Magnus Carlsen who had hoped to become the youngest ever world number one.

With four wins, five draws and one loss, Topalov collected 17 points and took home the 150,000-euro (210,000-dollar) first prize.

Carlsen had three wins, four draws and three losses to score 13 points, the same as Armenia's Levon Aronian.

India's Viswanathan Anand, who had eight draws and two losses to finish last at the tournament in the northern city of Bilbao and ceded his number one ranking to Topalov, according to an unofficial chess listing. Anand is now in fifth.

Had Carlsen won he would have become the youngest world number one chess player, beating Russia's Garry Kasparov who in 1984 took the top spot at the age of 21.

Carlsen is now ranked third in the world according to the unofficial "Live Top List" website (http://chess.liverating.org/) which is updated daily. The official international chess federation FIDE rankings are updated four times a year.