I guess when you've written some of the biggest hits in modern music history, you can afford it!

So, what are the specifics of this rock Paul gave to Nancy Shevell? According to StarPulse.com:

What does $650,000 buy you in an engagement ring? Shevell's sparkler has a very large round-cut diamond at its center in what appears to be a platinum setting.

The site goes on to say...

The couple has been dating for four years and plans to tie the knot in the Hamptons.

So, what else do we know about Shevell?

1. McCartney's last marriage, to Heather Mills, ended disastrously, and the former Beatle's children weren't fans of his second wife. But his children adore Shevell. According to a fashion insider, McCartney's fashion designer daughter, Stella McCartney, is "thrilled for her father" this time around.

2. Supposedly, Shevell is a lot like McCartney's first wife, Linda McCartney, who died of breast cancer in 1998. Both women are "outdoorsy" and from the East Coast. Shevell is a breast cancer survivor.

3. McCartney's fiance is a businesswoman who helps run her family's hauling and trucking company. She's a vice president of New England Motor Freight. Shevell has been described as an "heiress" to the family fortune, and her father has been described as "richer than God."

4. She's gone vegetarian for her 68-year-old husband-to-be. "Nancy has... given up her beloved steaks, which shocked us," says a source. "When they traveled around America this summer, they lived on avocado sandwiches and tomato soup. Now Nancy orders veggie food all the time."

5. Shevell's been married once before. She married her college sweetheart, Bruce Blakeman. They divorced in 2008.