On his $500 million yacht, Jeff Bezos and Lauren Sánchez celebrated a star-studded engagement party.

The couple, Jeff Bezos and Lauren Sanchez, are throwing a lavish engagement party.

According to a source who spoke with PEOPLE, the billionaire, 59, and the Emmy Award-winning journalist, 53, celebrated their engagement on Wednesday on the Amazon founder’s yacht off the coast of Amalfi, Italy.

The pair got engaged in May; thus, more than two months had passed before the party.

In January 2019, Bezos and Sánchez made their connection known to the world, not long after Bezos filed for divorce from MacKenzie Scott following a 25-year marriage.

At the same time, Sánchez was divorcing Patrick Whitesell, her husband of 13 years. Along with a son from a prior relationship with former NFL player Tony Gonzalez, she is the mother of two children with him.

Bezos and Sánchez are truly in love and happy, which makes everybody who knows them happy, a source close to the couple’s engagement told PEOPLE.

To all her friends, this is the realization of her dream. They felt the timing was ideal after she met the man with whom she would like to spend the rest of her life,” the person continued.

This summer, the couple has been spotted spending a lot of quality time together on the $500 million boat, where she has also flaunted her engagement ring.

While on vacation in Capri last week, the pair was seen making out.

The vessel, known as Koru, is thought to be the biggest sailing yacht in the world and is distinguished by a wooden sculpture on the prow that depicts Bezos’s fiancée. The sculpture is a necklace bearing the Mori word meaning loop or coil, Koru, which is modeled on the spiral shape of an unfurling silver fern frond.

Bezos has concentrated his attention on his space exploration business, Blue Origin, and conservation since leaving his position as CEO of Amazon in 2021. Furthermore, the two are committed to their work for the Bezos Earth Fund, which Sánchez co-chairs and which they established to combat climate change.

In a joint interview from the previous year, Bezos said that he intends to donate the majority of his $124 billion fortune during his lifetime, with a primary focus on combating climate change and assisting those who can bridge the widening gaps in opinion on social and political matters.

Regarding his charitable approach, he stated, “The challenging aspect is finding out exactly how to do it in a lean way,” adding that they are “really great teammates.”

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