Thomas Kwan, 53, had denied attempting to murder Patrick O'Hara but changed his plea to guilty after one day of evidence at his trial at Newcastle crown court.
The court heard Kwan was obsessed by money and motivated by "a sense of entitlement" to his mother's estate. He attempted to murder O'Hara, his mother's partner of 20 years, because he saw him as a "potential impediment" to his inheritance.
This was despite Kwan being "a man of considerable means" with a "wealthy lifestyle", the prosecutor, Peter Makepeace KC, said. "It's not greed bred of a shortage of money, it's not a greed bred of necessity," Makepeace said. "It is a greed bred, purely and simply, of greed."
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