With Gardner winning the first race on Saturday, it was the turn of 'Fast Freddie' to take glory in the second battle aboard a Yamaha YZR 500 ahead of Schwantz and Didier Radiguès.
In the final contest, 1993 world champion Schwantz grabbed the early lead but was caught and passed by Spencer. Undeterred, the pair swapped positions several times before Schwantz eventually made the move stick to the delight of the Spanish fans at the circuit.
"My perspective of the event has been overwhelmingly successful. I saw the look in people's eyes and heard all the cheering when I won yesterday which was so cool," said Gardner, who became Australia's first premier-class world champion in 1987. "It brought back a lot of memories and it's my third GP victory at Jerez!
"To ride with all your friends is suc h a pleasure. Today I was riding around the outside of Christian [Sarron] and I had total confidence and it was a great feeling. These motorcycles are still so thrilling, and of course we've got it all filmed on TV and hopefully the documentary will help us grow further. There's already negotiations for events in other countries so the future is very bright."
Spencer added: "This event is all about what we've been experiencing outside with the public. It's the passion and the emotion that gets generated – I've been around motorcycles my whole life, and it has given me so many things – and the look on people's faces is what it's all about.
"I saw a couple of young guys in the paddock and they said 'thank you so much for doing this and allowing us to see you live', and that's what it's all about. For us it's also brilliant to be back on the 500s, I've been riding a bike I was actually racing against back in the '80s!
"It's the beginning of this connection between us guys up here, the collectors who have given us the opportunity to ride, and the fans who have come along to see us. I'm truly looking forward to where this is going in the future."
In the supporting 250cc/350cc races, Manuel 'Champi' Herreros and Jorge 'Aspar' Martinez scored popular podium finishes, while the International Classic Grand Prix races were both won by Ian Simpson.
Away from the track action, Friday night saw live music from tribute bands The ZZ Tops and QueenMania before James Toseland and Bonnie Tyler closed proceedings on Saturday night.
"I'm so proud of the whole team for bringing World GP Bike Legends to life," said event director Nick Wigley. "I need to thank a lot of people for making it possible, but especially Wayne Gardner for being an incredible ambassador for what we are creating here and getting so many legends together to race this weekend.
"The passion from the fans at Jerez Circuit is like nothing I've ever s een, and the potential for this to become something on a global scale is really, really exciting. We hope everyone has seen just how special this can be, and are already in discussions to take the event to more venues all around the world."
The Race Of Legends 500cc – Race 11. Wayne GARDNER – Cagiva V5892. Didier de RADIGUES – Suzuki XR88 RGV 5003. Kevin SCHWANTZ – Suzuki XR84 RGV 5004. Christian SARRON – Yamaha YZR 5005. Niggi SCHMASSMANN – Yamaha YZR 5006. Freddie SPENCER – Yamaha OW48R7. Gary LINGHAM – Suzuki RGB500 MK78. Graeme CROSBY – Suzuki XR349. Steve PARRISH – Suzuki XR3410. Michael NEEVES – Yamaha YZR 50011. Phil READ – Suzuki Mk1RG12. Jose Luis CARDOSO – Kawasaki KR500
The Race Of Legends 500cc – Race 21. Freddie SPENCER – Yamaha YZR500 OW48R2. Kevin SCHWANTZ – Suzuki RGV500 XR843. Didier DE RADIGUES – Suzuki RGV500 XR884. Christian SARRON – Yamaha YZR5005. Niggi SCHMASSMANN – Yamaha YZR5006. Wayne GARDNER – Cagiva V5 897. Jose Luis CARDOSO – Kawasaki KR5008. Steve PARRISH – Suzuki RGV500 XR349. Phil READ – Suzuki RG50010. Graeme CROSBY – Suzuki RGV500 XR34
The Race Of Legends 500cc – Race 31. Kevin SCHWANTZ - Suzuki RGV500 XR842. Freddie SPENCER - Yamaha YZR5003. Niggi SCHMASSMANN - Yamaha YZR5004. Jose Luis CARDOSO - Kawasaki KR5005. Didier DE RADIGUES - Suzuki RGV5006. Graeme CROSBY - Suzuki RGV5007. Steve PARRISH - Suzuki RGV5008. Phil READ - Suzuki Mk1RG9. Wayne GARDNER - Cagiva V589
