Oct. 23, 2009 (United Press International) -- A 19-year-old Norwegian defeated opponents from New Zealand, Russia and the United States to become the new world Monopoly champion.

Bjorn Halvard of Oslo won $20,580 Thursday, KVVU-TV, Las Vegas, reported.

The prize in the Monopoly World Championship is the real U.S. currency equivalent of the paper money in the standard Monopoly bank.

Hjalvard, who graduated a few months ago from high school, the Oslo Private Gymnasium, needed only 45 minutes to eliminate his three opponents in the final.

The runner-up, Geoff Christopher, 25, of New Zealand, tapped out when he landed on Pacific and North Carolina avenues in two consecutive moves and did not have the Monopoly money to pay Hjalvard $1,600 in rent.

Monopoly in its current form dates back to 1935 although it was based on an earlier board game invented by Elizabeth Phillips in 1904. Phillips, a Quaker and advocate of the single-tax ideas of Henry George, hoped to show the evils of monopoly ownership of land.

Hasbro which owns Monopoly, has been holding the world championship since 1973.