Wild Oats XI claimed the victory at 0800 (AEDT) – pulling into Constitution Dock one day, 18 hours, 40 minutes and 10 seconds after the starter's gun.
The win also puts Wild Oats in the running for the treble, with overall handicap honours the only accolade to come after taking line honours and race record.
"We knew this was a downhill race and that we'd be very, very hard to beat," Richards said.
As second placegetter Alfa Romeo pulled into the Derwent River, Wild Oats crew members cracked the champagne and beer in honour of their victory.
Owner Bob Oatley said he "probably cried" as he watched Wild Oats cross the finish line of the 628 nautical mile race.
"To see it come through with so much power ... it couldn't have gone faster no matter what they did," he said.
A flotilla of boats caught their first glimpse of Wild Oats just after 0600 AEDT, shadowed by two helicopters off the Iron Pot.
The mayhem grew as the super maxi powered down the Derwent, with boats, a jetski and even a windsurfer dodging the yacht as it tacked its way towards the finish line.
Mainsail trouble
Richards said the race had been smooth sailing until the 30-metre super maxi blew its mainsail about six nautical miles from the finish.
"The toughest part of the bloody race was the last," he told reporters.
"We thought it was just too easy going the whole way here and something had to go wrong and it did.
"It doesn't matter. We still finished and broke the record."
Wild Oats led from the starter's gun, heading the pack past Sydney Heads and putting a sturdy stretch of water between first and second positions on the opening night.
Richards said the crew stuck to a strict game plan to cement its lead.
"We had a great game plan and we stuck to that the first night to stay inshore with the rest of the fleet and it really paid dividends," he said.
"The next day we woke up a long way in front of everyone and stayed there the whole way."
Richards said he was happy to beat Alfa Romeo, which is almost identical to Wild Oats having been designed and built by the same people.
"They're all good mates of ours and ... we're just happy that we got this one up on them," he said.