The 1940 Masters Tournament was the seventh Masters Tournament, held April 4–7 at Augusta National Golf Club in Augusta, Georgia. Jimmy Demaret won the first of his three Masters titles, four strokes ahead of runner-up Lloyd Mangrum, the largest margin of victory until 1948. The purse was $5,000 and the winner's share was $1,500. Mangrum shot an opening round 64 (−8), a new course record by two strokes, and it stood for 46 years, until Nick Price's 63 in 1986, later equaled by Greg Norman in 1996. Although all three of these players won major titles, none won a Masters.