A Baltimore real estate developer handed his 198 staff a $10million holiday bonus, with each employee receiving on average a $50,000 check.

St. John Properties, which is worth more than $3.5 billion, announced the payday at the recent holiday party.

Company founder and chairman Edward St. John said that the amount each employee will receive depends on tenure — but most will take home an average around $50,000, the New York Post reported.

Employees screamed in disbelief when St. John told them of the bonus, with each staffer opening a red envelope containing the exact size of their award.

Gasps could be heard while other staffers embraced, as the group was told of the gesture.

St. John said they were able to award everyone with the extra cash because of hitting a milestone in the portfolio, developing 20 million square feet of office, retail and warehouse space across in eight states.

This woman let out a gasp after learning her company, St. John Properties, will give $10million in holiday bonuses to its employees

Company founder and chairman Edward St. John has some surprising good news for his 198 workers: an average holiday bonus of $50,000

The surprise announcement was made at The Grand in downtown Baltimore.

Danielle Valenzia, an accounts payable specialist in the company for 19 years, said in the video as she began to break down, 'It's life-changing, it's really amazing and so generous'.

To thank employees for their hard work, St. John, who married his 51-year-old Baltimore Fox news anchor wife Jennifer Gilbert in October, said he wanted to give them a bonus.

The 81-year-old wanted to celebrate the company's recent accomplishment of developing 20 million square feet of office, retail, warehouse and other spaces across eight states.

St. John told the audience he thought it would take nearly 40 years to be able to get the company to complete this milestone, but it actually only took 14.

In an interview in March, St. John told the Baltimore Sun: 'I play Monopoly with real money and real buildings. I don't work. I play Monopoly and that's why I'm still here.'

Edward St. John founded St. John Properties in 1971 with just two employees and it has grown to become worth £3.5bn and have 198 employees

Gasps of shock could be heard around the room when workers opened their holiday bonuses

Baltimore Fox news anchor, Jennifer Gilbert, married businessman Edward St. John in October and retired from her 27-year career a month later

Who is Edward St. John, the world's best boss behind property developing empire? Edward St. John is the founder and chairman of St. John Properties. The company, based in Baltimore, Maryland, is now worth more than $3.5 billion. After starting with just two employees 48 years ago, he now has 198 staff. St. John Properties has 20 million square feet of office, retail, warehouse, flex and residential properties in eight states. The 81-year-old owner got a bachelor's degree in electrical engineering from the University of Maryland. He has also pursued advanced studies in management and business law. In an interview in 2017 he said: 'I play Monopoly with real money and real buildings. I don't work. I play Monopoly and that's why I'm still here.' In October he married Baltimore Fox news anchor, Jennifer Gilbert, 51. The wedding took place in Jupiter, Florida, was an 'intimate ceremony of 12 guests, mostly immediate family'. Their extended honeymoon planned for next spring, is said to be a cruise to the Arabian Peninsula and the Mediterranean. Last month Gilbert retired from her role as a journalist after nearly 27 years as an anchor. Advertisement

After announcing the bonuses St. John said on Saturday night: 'I wanted to celebrate it and make it meaningful for the people who did it. I steer the boat but they are the ones that run the boat.

'They are the ones who make the boat go. Without the team we are nothing, we are absolutely nothing.

'To celebrate we wanted to reward our employees in a big way that would make a significant impact on their lives.

'I am thankful for every one of our employees, for their hard work and dedication. I couldn't think of a better way to show it.'

This goal was hidden from the employees so they were unaware they would get a bonus for reaching it.

The announcement started with the host, company president, Lawrence Maykrantz, saying: 'Is everyone excited about the surprise? All of us have hid a major milestone.

'We had 20 million square feet in our portfolio worth $3.5 billion.'

St. John then took the mic and said: 'Everybody at this company is important and everybody at this company performs, they really do. And I got to tell you, you're all participating in a bonus.

'Based on the number of years - of $10 million. And now you can open your red envelopes.'

One woman said she was 'totally blown away when this happened', while another said that, 'what happened tonight was magical'.

St. John hugging his employees after announcing the bonuses to his workers at The Grand in Baltimore

Danielle Valenzia speaking after all 198 employees of St. John Properties will split a $10 million bonus this holiday season after the company said it achieved a recent milestone

The holiday bonus would be determined by tenure with the real estate company, but each person opened a personalized red envelope to find out how much money they would receive

Maykrantz said: 'We were just elated with the response we had from everyone. It was bringing me to tears.'

A male employee said: 'I'm very excited, I've worked here for a long time and he didn't have to do what he did. We can't thank him enough.'

Edward St. John got a bachelor's degree in electrical engineering from the University of Maryland.

Jennifer Gilbert, 51, married Edward St. John at a ceremony in Jupiter, Florida, in October

His company, St. John Properties, was founded in 1971 and has since built the company from a team of two employees, into one of the Mid-Atlantic region's largest developers with 198 employees, according to the company's website.

The firm's real estate investments are valued at more than $3.5 billion and St. John also set up The Edward St John Foundation, which give financial help to education programs across the US.

Over the years, more than $60 million has been given through donations to non-profit organisations, according to the foundation.

In October St. John married Baltimore Fox news anchor, Jennifer Gilbert, 51, at a ceremony in Jupiter, Florida.

Their extended honeymoon planned for next spring, is said to be a cruise to the Arabian Peninsula and the Mediterranean.

She spoke about her wedding at the end of a Fox45 newscast, saying: 'I wanted to let you know I'm going to be off for a few days. I'm getting married on Saturday.'

Edward St. John, 81, set a secret goal for his employees and awarded them a share of a $10million holiday bonus

Ecstatic workers shed tears of joy as they opened red envelopes to discover they were given huge bonuses by their boss

Edward St. John said 'without the team we are nothing' and that he wanted to celebrate reaching the milestone of developing 20 million square feet of property

Shocked: Stunned workers cried and hugged each other when they discovered the news

Last month Gilbert retired from her role as a journalist after nearly 27 years as an anchor.

The goal of developing 20 million square feet was set in 2005 when the company had 10 million square feet of space.

Over a 14-year period, the company successfully weathered a recession and grew from a five-state footprint to the eight states in which it currently operates.

The holiday bonus is in addition to the company's annual year-end bonus.

The company was named the national 2018 Developer of the Year by NAIOP - a commercial real estate development association - and won the Baltimore Business Journal's 2019 CEO of the year award.

Danielle Valenzia broke down when she said the gesture made by her employer was 'life-changing' and 'generous'