Sir Alex Ferguson was in attendance for a match that Madrid won thanks to Ruben de la Red's late chip
The match in Manchester aimed to raise funds for two charities - the MU Foundation and Unicef - and followed last year's reverse fixture at the Santiago Bernabeu which finished 3-2 to the Liga outfit.
In lineups containing stars such as Luis Figo, Zinedine Zidane, recently retired Paul Scholes and Ruud van Nistelrooy, Madrid took a first half lead thanks to ex-Liverpool striker Fernando Morientes.
Good work from Claude Makelele saw Morientes receive the ball and finish past Edwin van der Sar with a low strike from the edge of the box just before the interval.
Zidane, who early in the match saw Scholes flick the ball over his head, also came close to scoring, drawing a good save from Van der Sar just prior to Morientes' opener. The Frenchman and Figo were afforded warm receptions by the Old Trafford crowd, whilst in true pantomime style, former Anfield icon Steve McManaman was jeered.
The match saw upwards of 55,000 tickets sold and was overseen by Sir Alex Ferguson, who announced his retirement only a few weeks ago, and he would have had a wry grin on his face as Van Nistelrooy - who played a half for both sides - latched onto Dwight Yorke's enticing through ball to smash home an equaliser.
With Van der Sar replaced by Raymond van der Gouw for the final 20 minutes, Real Madrid found a winning goal courtesy of De la Red - who was forced to retire from the game following the discovery of a heart condition in 2010 - to win the two-legged affair 5-3 on aggregate.
"We were hanging in there, we were defending better and seemed to have more of the ball as the game opened up a bit," former United left-back Dennis Irwin told MUTV after the match.
"But the quality that they had was unbelievable with players like Zidane, Figo and Hierro, some of whom haven't been out of the game for too long. It was fantastic and keeping the ball is second nature to them, but it was a great game to play in."
"I really looked forward to coming back and playing here again," Van Nistelrooy added. "It was a fantastic day and playing a half for each side was fantastic, it was great to line up with all of these brilliant players."