Sarazen was tied with Walter Hagen in the final round at Royal St George's when he found thick rough with his drive on the 14th hole.
Caddie Skip Daniels suggested a safety-first approach, but Sarazen took on a much riskier shot and paid a heavy price as he ran up a seven.
Sarazen finished two shots behind Hagen, who was able to celebrate a third victory at The Open.