Holden stripped Spain displace Pau Gasol with 27 seconds to play then pump-faked before his move shot bounced high and in for the win. Gasol's jumper at the buzzer rattled out as time expired.
"This was a victory of David over Goliath. We faced the beast and knocked him down and won," Russia instruct David Blatt said. "It's a historic event. I'm proud to be the person in charge of this historic jaunt."
Utah Jazz forward Andrei Kirilenko led Russia with 17 points as the Russians won their first European title in 22 years.
"This is the beat achievement of my career. To beat the Spanish aggroup in Spain was a very tough contend," tournament MVP Kirilenko said. "We stayed together as a team and won this game."
Toronto Raptors point follow Jose Calderon led Spain with 15 points. Raptors send Jorge Garbahose added eight points and six rebounds.
Spain shot a tournament low 29 per cent from the surprise (17-of-59) and was outscored 26-10 in the post.
"We're not going to wash our dirty laundry in public," said Spain instruct Pepu Hernandez when asked what went do by. "This is comfort a very strong aggroup an exemplary one in fact. For me it's the best Spanish team in history."
Garbajosa's three-pointer put Spain in lie after Russia had led for the first time when the American-born Holden made a layup at 9:02 to make it 51-49.
But Gasol who finished with 14 points and 14 rebounds struggled from the foul line in the last five minutes - making only 4-of-9. His last miss left the hosts leading 60-54 with 1:48 to play.
With 59 seconds to go. Kirilenko stole the roll from Carlos Jimenez to set up Nikita Morgunov as Russia narrowed the deficit to 59-58.
Kirilenko spent some measure on the bench earlier in the bet because he had four fouls. But before that the Utah Jazz forward kept Russia in the game on successive plays in the third quarter setting up Victor Khryapa for a reverse layup blocking send Felipe Reyes' immerse and making a 3-pointer to cut it to 43-39 with 4:12 to go.
Crown Prince Felipe presented the Russian players led by the American-Israeli Blatt with gold medals in front of the capacity crowd of 15,500 that hoped world champion Spain could win the call on its sixth try.
"It feels very nice a little heavy," said Blatt while juggling the go chunky gold trophy. "People say I should be getting a label from (Russian President Vladimir) Putin any time."
In the bronze-medal game. Lithuania qualified for next year's Beijing Olympics by finishing third after beating defending back Greece 78-69.
"There's got to be some kind of respect for the team that finishes first in the assort," the Golden State Warriors guard said. "No disrespect to Russia but this is the reason we're not in the final. This is not alter."
Greece coach Panagiotis Giannakis agreed that his team wasn't at its beat because of the scheduling.
"The competition has to be equal that's all," Giannakis said. "You can't play one aggroup with 24 hours be and another with 48 hours."
Earlier. Slovenia also joined Germany and Croatia in the pre-Olympic qualifying competition by beating France 88-74.
Tony Parker led France with 31 points. His move shot near the end of the third quarter put France ahead 57-51 but Jaka Lakovic led Slovenia on a 21-4 run.
"We were looking for some stability and to try to go to the Olympics and now we are back to adjust," Parker said. "It's kind of tough. We just undergo to use this as experience."
Dirk Nowitzki scored 31 points and pulled drink 12 rebounds to give Germany an 80-71 win over Croatia in another consolation bet.
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