The son of an Austin jeweler and the teenager's girlfriend have been arrested for hiring someone to murder his father so he could get his hands on a lucrative multi-million dollar life insurance payout.

Nicolas Shaughnessy and Jaclyn Edison, both 19, were charged on Tuesday over the violent home invasion that saw his father Theodore Shaughnessy shot dead.

Police say Shaughnessy had approached multiple people in the months before the shooting asking if they were willing to kill his parents for payment.

Shaughnessy had estimated that he would receive some $8 million from the life insurance policies for both his parents, from the sale of the couple's home and sale of his father's prominent jewelry store.

Nicolas Shaughnessy and Jaclyn Edison, both 19, were charged on Tuesday over the violent Austin home invasion that saw his father Theodore Shaughnessy shot dead.

Jeweler Theodore Shaughnessy was found shot dead inside his Austin home on March 2 when police responded to a 911 call about a home invasion

Video Courtesy KBTX:

The teen's mother, Corey Shaughnessy, had called 911 in the early morning hours of March 2 to report an intruder inside their Austin home.

When police arrived, they found Theodore dead of multiple gunshot wounds. One of the family's Rottweilers Bart was also shot dead.

Police said the murder-for-hire plot also called for Corey to be killed but she emerged unscathed.

Theodore had heard their dogs barking and went to check out the house. His wife heard gunshots a few minutes later before the gunman also started firing at her. She managed to return fire with her handgun until she ran out of ammunition and then called 911.

Police said they found ammunition in Shaughnessy's home in College Station that matched casings found at the crime scene.

The person hired to carry out the murder has not yet been caught but investigators say they are following new leads.

Theodore was the owner of Gallerie Jewelers in Austin.

The teen's mother, Corey Shaughnessy, had called 911 in the early morning hours of March 2 to report an intruder inside their Austin home

One of the family's Rottweilers Bart was also shot dead during the home invasion

Police said they found ammunition in Shaughnessy and Edison's home in College Station that matched casings found at the crime scene

The company had posted on its Facebook page in late April, following his death, that: 'We are happy to announce that Nicolas, Ted's son, will be carrying on his legacy here at Gallerie'.

An obituary for the elder Shaughnessy published on Legacy.com said he was 'a proud father to his son, Nicolas'.

'One of his most cherished memories was of racing against his son at the Karting track. He took great satisfaction in having taught his son well enough to beat his dad to the finish line,' the obit read.

The obituary went on to say that Theodore had saved his wife's life by giving her just a few critical seconds to fight back.

'Ted and Corey celebrated their 30th wedding anniversary this past January. It is a long time, but not nearly long enough,' the obit said.

'There was so much more to experience and live through together. They were true partners in every sense, the best of friends, and now one half of the whole is gone.'

Shaughnessy and his girlfriend, who live together in College Station, were both charged with criminal solicitation to commit capital murder.

They remained in jail on Wednesday with Shaughnessy's bond set at a $3 million and Edison's at $1 million.

Shaughnessy had estimated that he would receive some $8 million from the life insurance policies for both his parents, from the sale of the couple's home and sale of his father's jewelry store