The catch earned the team an automatic $30,000 prize for the heaviest haul of the day and put them in contention for the biggest catch of the tournament, which comes with a $400,000 prize.
The overall winning team pockets a further $200,000.
The heaviest billfish caught on day two was 252.4kg.
The fish caught by CorBlimey was donated by the crew to help to support the establishment of the first Youth Development Centre in the Mercury Bay area, a project being driven by the Whitianga Community Services Trust.
About 192kg of the marlin will go up for auction on Friday, while the rest will be donated to the local community food bank.
The Billfish Classic is an annual, premier game fishing tournament held in Whitianga and more than 400 boats compete.
A record 470 boats took part last year and the heaviest fish caught weighed in just under 320kg.
The biggest billfish officially recorded in New Zealand is one weighing 473.2kg and caught by Alain Jorion off the coast of Gisborne on February 9, 2002.
The last day of competition at the Billfish Classic is on Saturday.