South Korean KT Kim sank the winning putt in a sudden death play-off to give Asia victory over Europe in the Royal Trophy in Brunei.
The two teams finished the singles on Sunday tied at 8-8 and on the first extra hole Kim holed an eight foot putt for birdie before Belgian Colsaerts missed from five.
Under Ryder Cup rules Europe, who were captained by Jose Maria Olazabal, would have retained the trophy as holders, but in this competition a fourball play-off is used to determine the winner.
Kim and YE Yang faced off with Colsaerts and Francesco Molinari, with the former pair leading Asia to victory for only the second time since the competition's inception in 2006.
It was a success which looked unlikely when Asia lost the four opening foursomes by three points on Friday, but they were only one behind going into the final day singles.
Colsaerts and Henrik Stenson both won on the final green, Edoardo Molinari came back from three down with five to play to halve with Wu Ashun and Gonzalo Fernandez-Castano birdied the last to share the spoils with Kim.
But wins for Yoshinori Fujimoto over Marcel Siema and Jeev Milkha Singh over Miguel Angel Jimenez left Asia trailing by one point, with Yang then beating Francesco Molinari in the final game Yang to set up the shoot-out.
European playing captain Olazabal withdrew from his scheduled match, with each team receiving half a point.