Adam Milne, the 2010 winner, reclaimed the Peak to Peak multisport title after reaching Coronet Peak more than 10min ahead of his closest competitor on Saturday.
Milne's time of 2hr 9min 31sec is the third-fastest in race history, and he was prominent throughout the 44km event.
Second place was claimed by Gavin Mason and third by first-time competitor Flavio Vianna, who finished 2min behind Mason.
Another previous winner, Joanna Williams (Wanaka), who won in 2009, won the women's section in 2hr 34min 35sec, 8min faster than her winning time two years ago.
She was followed by Ailsa Rollinson, also from Wanaka, and Kate Colbran, of Christchurch.
The race attracted 51 individuals and 91 teams, who began with a ski leg down the Remarkables before cycling 17km down the ski area's access road and across to Frankton Beach, where they transitioned from cycle to kayak.
From there, designated kayakers or all-terrain racers continued the route to Queenstown Bay, before a run through the resort's central streets towards the more isolated section of road leading to the Coronet Peak turn-off, which brought racers into the final 9km cycle leg.
Having led the open team section until the final ride, the Fergburger crew was beaten by Where's Gavin?, whose cyclist Dave Rush pushed ahead of Fergburger's Mike Kelly.
Queenstown team Outside Sports followed 28sec later.
Pete Sharlott (Auckland) won the veteran men's title in 3hr 18min 44sec, and Maria Gamble, of Wanaka, won the women's title in 3hr 18min 44sec.
Team GDS (Wanaka) won the women's team section in 2hr 59min 43sec, and the mixed team title went to Dovedale Daredevils (Christchurch) in 2hr 30min 8sec.
Race organiser Geoff Hunt was pleased that among competitors were 12 school teams from around the region.
"It was great to see the young athletes out there recording some excellent times," Hunt said.
"There are some names there that I am sure we will hear a lot more about."
Dunstan High Five, comprising teachers and pupils, won the school section with a time of 2hr 30min 5sec, narrowly in front of the Central Southland College team and Dunstan MacSpeed Demons.
The race was again at the mercy of the weather as organisers were forced to cut the ski section short due to the thin snow conditions.
However, racers were able to complete the full kayak course on "perfect lake conditions" unlike the previous year when it was shortened due to rough conditions.
