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The Welshman secured the victory after difficult conditions descended on Rosapenna Hotel & Golf Resort over the three days with Price being the only player to finish on a level par total with the five runners up all finishing on one over par.
Emanuele Canonica had a four-foot birdie putt to take it to a play-off however the Italian failed to convert meaning that Price’s rounds of 72, 70 and 71 were enough to secure victory.
“I love the course,” Price said. “I was disappointed last year not winning because I led going into the last day, Thomas played great shooting a 66, a worthy champion but I probably felt like I deserved this one.
“Well, it was tough out there today, the course was really difficult I think we were all struggling I think there was a couple of boys under par when we started, I think we were just trying to cling on all day.
“I probably got quite fortunate in the end there none of the guys birdied on the par five, I thought I’d finish and maybe get into the play-off so for them not to make a birdie I’m relieved.”
The former Ryder Cup man who will ever be remembered for his performance at the Ryder Cup at The Belfry in 2002 where he triumphed against the then World Number Two Phil Mickelson in the final day singles, also recorded a victory last week at the Farmfoods British Par 3 Championship.
“I won the British par three with my son on the bag, my daughter was on the bag in the first round so I think my son is going to be negotiating a new deal now!”
Five-time DP World Tour winner Jarmo Sandelin also finished in second place along with Denmark’s Steen Tinning, and English compatriots Peter Baker and Paul Eales.
In a tie for seventh position on two under par was host and former Ryder Cup Captain Paul McGinley, South Africa’s James Kingston and Mauricio Molina of Argentina.
Switzerland’s Silvia Caduff won the Alliance Amateur Individual competition after converting her overnight lead, finishing on 107 Stableford point after 54 holes.
The next event on the Legends Tour international schedule is the Staysure PGA Seniors Championship, which takes place at Formby Golf Club & Formby Ladies Golf Club from August 24 – 28.
CLICK HERE for more information on the Legends Tour.