You played it right..

The exact same thing happend to me in a 50k tourney last week.

1st wins $12,500
50th place wins $300


We both have pretty big stacks, and if I double up now I'm a contender for first and shouldn't have ANY problems making the final table.

He raises I re-raise all-in.
I have KK , he has AA.. I'm out in 52nd place., and he proceeds to waste my chips and go out in like 45th place