Iggy Azalea with Nick Young
Iggy Azalea with Nick YoungInstagram/ Iggy Azalea

Iggy Azalea must be on cloud nine right now and we can't help, but notice the new bling worth $500K.

The 24-year-old rapper said "yes" to her long-time boyfriend, Los Angeles Lakers player Nick Young, when he proposed her on Monday.

During Nick's 30th birthday celebrations, it was Iggy who got a huge surprise. The NBA player got down on one knee and presented her with a $500K Jason of Beverly Hills ring.


A photo posted by Iggy Azalea (@thenewclassic) on

Instagram/ Iggy Azalea

Nick took to social media late on Monday to announce: "She said yes. It's over man. I'm getting married!"

Twitter/ Nick Young

The couple has been dating since September 2013. Nick has a three-year-old son named Nick Jr. from a previous relationship.

Interestingly, Demi Lovato was at the amusement park where the proposal took place and she was just as excited as Iggy Azalea. She posed for a picture with Iggy and her $500K worth engagement ring on her hand.

In the picture, we can see Demi's 'OMG, OMG, I'm so excited' expression. The caption of her picture posted on Instagram read: "Could not be happier for this woman," Demetria wrote on Instagram. "(And yes this was literally my face for about an hour) Still can't believe I got to witness that last night.. So happy for you both... Love you so much lady."

Meanwhile, Azalea's "Pretty Girls" partner Britney Spears, who did not witness the proposal, congratulated the couple on Twitter. She wished the couple love and happiness.

Twitter/ Britney Spears

A day later, amid speculation about why Iggy cancelled her tour, the rapper was spotted in Santa Monica flaunting the gigantic rock.

Happiest Day #Isaidyes

A photo posted by Iggy Azalea (@thenewclassic) on

Instagram/ Iggy Azalea

According to ET, this is a custom-made ring and was designed in part by Young himself. "It has a 8.15 carat Fancy Intense Yellow cushion cut center stone with 2.28 carats of white diamonds set onto 18 karat white gold," the report read.