AUGUSTA, Ga. -- This time the eagle at the 15th hole wasn't enough.

When Jose Maria Olazabal won the first of his two Masters in 1994 he rolled in a 40-foot eagle putt on the 530-yard par 5 that capped a two-stroke, come-from-behind victory over Tom Lehman.

On Sunday, the imaginative Spaniard, who celebrated his 40th birthday in February, came up with another thriller -- staking a 5-wood from 246 yards to 18 inches for the tap-in eagle. With it, he moved to 5 under and within one stroke of the lead in the 70th Masters.

The miracle comeback, though, was not to be. Olazabal three-putted the 16th hole from 45 feet and Phil Mickelson never came back to him -- or the rest of the hopefuls -- on this sun-kissed April afternoon at Augusta National.

"It was a special moment without a question hitting that wonderful shot," Olazabal, who ended up in a five-way tie for third, said. "I knew I still needed one more birdie and taking those three putts at 16 just killed me in a sense."

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Olazabal came from six strokes back with a 32 on the front side that included five birdies and just one bogey. He lost another shot at the 11th hole but proved resilient, making birdies at Nos. 13 and 14 to move to 4 under and set the stage for the drama at the 15th.

"The round was wonderful," Olazabal said. "I played really nice. I made very few mistakes. I three-putted No. 6 and I three-putted 16. The rest I played really solid, so no complaints at all. I just went out there and tried to play good golf.

"Actually, I made a wonderful save on the first hole and I think that was important. Then I had a lovely run for a few holes, up to No. 6, and even though I three-putted 6, I came back with back-to-back birdies.

"At that time, I thought when I looked at the leaderboard and the guys were not making a charge, I said, 'OK, let's see how good I play on the back nine and I might have a chance.'"

Olazabal, who has played in 19 Masters, has seen the curious, and sometimes cruel, ebb and flow on the back nine at Augusta National in the final round. He knows that ground can be made up -- and lost -- so easily there, but Sunday belonged to Mickelson.

"I'm pretty sure that the monkey is not on his back around here and he is playing more relaxed than if he hadn't won before," Olazabal said of the man who now joins him as a two-time Masters champ.

Jose Maria Olazabal finished tied for third at the Masters. (AP)

Olazabal, who has finished in the top-10 in the Masters on eight occasions, has drawn on that karma here at Augusta National, as well.

His victory in 1999 capped an emotional comeback from a debilitating foot problem that sidelined him for 18 months and at times, left him bedridden. He was relaxed and refreshed again on Sunday, drawing strength from the success he's had on Alister MacKenzie's signature creation with every shot.

"Not memories," Olazabal said, searching for the right word. "At least I feel at peace with myself around here, in that sense. At least today, I was. I was relaxed, I was coming from behind, I was playing good golf. I was enjoying myself out there and that's what this place does to you."