The wait for Tom Youngblood was long -- and lucrative.

Youngblood, the Homer resident who caught a 354.6-pound halibut more than three months ago, on Wednesday night was declared the winner of the 24th annual Homer Jackpot Halibut Derby and earned $40,400.

Youngblood, who landed his whopper June 26 on the "Sweet-T'' of In-2-Fishin Charters, captained by Ron Hurley, became the fourth local to win the Derby and the first since Tom Barkman cashed in for $33,514 in 2001.

Youngblood's catch was the fourth fattest in the Derby history. Jerry Meinders of Willmar, Minn., hauled in a 376-pounder in 1996.

Youngblood's fish was also the only one turned in this Derby that exceeded 300 pounds.

The second-largest entry was the 275.2-pounder caught by Kevin Gilge of University Place, Wash., aboard captain Mike Swan's "Beausoleil'' of Spirit Charters in July. The third-biggest was a 273.6-pounder landed by Dora Orendayn of Corona Del Mar, Calif., in August aboard the "Ocean Hunter'' captained by Keith Kalke of Ocean Hunter Charters.

Earlier this summer, Youngblood said it took about 30 minutes to reel his fish into the "Sweet-T.''

And he said there was no sense in fretting whether his monster would hold up as the Derby winner.

"There's no use worrying about it till it gets to the end,'' Youngblood told the Daily News.