Raghavan, a 26-year-old poker pro from Chicago, pocketed $1,268,571 for the win while Canadian Buchanan snagged just under three-quarters of a million dollars.
This year's Five Diamond Wold Poker Classic introduced a new unlimited re-entry format that saw players take as many shots as they could afford in the first eight levels of the tournament.
Thanks in part to players like Daniel Negreanu and Sam Trickett spending as much as $40,000 on buy-ins, the field smashed last year's numbers. Bellagio recorded 503 buy-ins, putting more than $5 million up for grabs.
Esfandiari Out in Fourth
When the final table began two-time WPT champion Antonio Esfandiari was in the lead. Esfandiari made it to fourth place before going broke with A-K to Raghavan's pocket aces.
Esfandiari outlasted Andrew Lichtenberger and Jeremy Kottler who finished fifth and sixth, respectively.
Thomas Winters, a 45-year-old livestock dealer and cattle feeder from Marble Falls, Texas bowed out in third, taking $483k and paving the way for the heads-up match.
Raghavan began heads-up with 9.3 million to Buchanan's 5.7 million and extended that lead over the next two hours. The final hand saw the Canadian shove for just over 2 million with K-7. Raghavan called with pocket sevens which were best by showdown.
Here are the full final-table results for this year's WPT Bellagio Five Diamond Classic:
1. Ravi Raghavan - $1,268,571
2. Shawn Buchanan - $746,502
3. Thomas Winters - $483,031
4. Antonio Esfandiari - $329,339
5. Andrew Lichtenberger - $234,197
6. Jeremy Kottler - $187,845
Another Close Call for Buchanan
30-year-old Shawn Buchanan from Vancouver, BC has more than $4.7 million in live tournament earnings but that number could easily be much bigger.
In addition to an outright win at the 2007 WPT Mandalay Bay Poker Championship Buchanan now has second, third and fourth-place finishes in main events on the World Poker Tour.
He's also finished second in World Series of Poker bracelet events on three separate occasions. To date he has not won a WSOP bracelet.
Buchanan's penchant for second-place finishes applies to his online career as well where he's had two six-figure runner-up scores in the Spring Championship of Online Poker on PokerStars.
At $175,000 and $135,000, those second-place results were both worth more than the WCOOP and SCOOP tournaments he managed to win.