See the Engagement Ring LeBron James Splurged On

01/03/2012 at 12:00 PM ET

LeBron James Engagement Ring
Andy Kropa/AP; Inset: Alan Diaz/AP

What a pair — and what a pear! LeBron James proposed to longtime girlfriend Savannah Brinson on New Year’s Eve, and over the weekend, the lucky lady flashed her brand-new bling: a pear-shaped diamond flanked by two glimmering baguettes.

James — whose salary will top $16 million this season — popped the question during a celebratory dinner at SL nightclub at the Shelborne hotel in South Beach. The couple’s children, LeBron Jr., 7, and Bryce, 4, were on hand to celebrate with mom and dad, too.

“It was so sweet to watch,” a rep for Remy Martin V, who hosted the dinner, tells PEOPLE. “Everyone is extremely happy.”

The party, co-hosted by Heat teammate Dwyane Wade and his girlfriend Gabrielle Union, was also a belated birthday celebration for James, who turned 27 the day before. Heat star Chris Bosh (who tied the knot lavishly in July) and Queen Latifah were also on the guest list of 60 friends and family members.

“A person like myself always needs a great sidekick and a person you can rely on no matter the circumstances. And she’s that,” James told Harper’s Bazaar of Brinson in 2010. “She’s got my back, and I love her for that.”

–Kate Hogan, with reporting by Linda Marx

SEE THE MOST DAZZLING STAR ENGAGEMENT RINGS

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