‘Barney’ was defeated by Phil Taylor after a fantastic run to the last four, which included victories over Adrian Lewis and Stephen Bunting.
Van Barneveld began his campaign with a three nil victory against Austrian youngster Rowby-John Rodriguez, before he edged a seven set thriller against Jamie Caven.
There, the Dutchman saw off double World Champion Adrian Lewis in a game that went the full seven sets and saw his opponent hit a nine-dart-finish.
In the quarter-finals, van Barneveld won yet another deciding set, this time against Lakeside Champion Stephen Bunting.
But his run came to an end when he met ‘The Power’, who won 6-2 before losing 7-6 to Gary Anderson in a thrilling final.