Wallace’s Bonus of $550,000 Sets Record for Area

Former Chatsworth High pitcher Derek Wallace received a $550,000 bonus to sign a professional contract with the Chicago Cubs on Monday, making him the highest-paid bonus baby in area history.

Wallace, a junior right-hander from Pepperdine, surpassed the bonuses given former area standouts Dmitri Young, Mike Lieberthal and Roger Salkeld.

Wallace, a 1989 Chatsworth graduate, also will receive money to complete his college education. He was the lone area player selected in the first round of the June 1 amateur draft.

In the spring, Wallace was 4-2 with a 3.20 earned-run average for the Waves, who won the NCAA Division I championship. In 64 2/3 innings, he struck out 57 and walked 26.

Wallace suffered a hairline fracture of the right fibula in March and was sidelined for one month. He returned for the College World Series. Wallace was the 11th pick overall and will report this week to the organization’s Class-A affiliate in Peoria, Ill.

Young, a 1991 Rio Mesa High graduate who was taken by the St. Louis Cardinals, Lieberthal (Westlake, 1990, Philadelphia Phillies) and Salkeld (Saugus, 1989, Seattle Mariners) were drafted early in the first round and signed out of high school but were given bonuses well under what Wallace was paid.

As a senior at Chatsworth, Wallace was 9-3 with an ERA of 1.92. He also batted .348 with four home runs and 22 runs batted in.

Wallace was a Times’ All-Valley and All-City Section 4-A Division selection.