Granted, it's not exactly The Simple Lifewhen the setting is a Mediterranean-style mansion and the guy flipping burgers is the Beverly Hilton's executive chef. Still, the low-key barbecue that Paris Hilton and Paris Latsis threw for 75 friends and relatives at their L.A. home on May 30 to celebrate their happy news—they're engaged! —was perhaps as close to real as it gets for the hotel heiress and the Greek shipping heir. From noon to 8 p.m., guests sipped margaritas, swam and videotaped the giddy pair as they played with friends' kids, jumped on a blow-up trampoline and kissed for family cameras. Of Hilton, a guest says, "I've never seen her as happy and in love."

Linked romantically since December, the two Parises haven't yet set a date for what Hilton promises will be "a huge wedding, like a fairy tale." So who's her prince? The grandson of late shipping tycoon Yannis Latsis, Paris is a twentysomething described by a family friend as "an intelligent charmer." An expert skier and solid tennis player who had a reputation back in Athens as a party-happy "wild boy," he now seems focused on avoiding missteps. Prior to proposing, he took Hilton's parents, Kathy and Rick, to dinner to ask for Paris's hand in marriage. To them, says family friend R. Couri Hay, "he is totally beyond completely acceptable." He's got the right idea about rings—Latsis has selected 10 10-to-15-carat diamonds, and will let Hilton, 24, make the final choice. But what about the name problem? So far, the couple don't seem in a hurry to differentiate. At the barbecue, says a guest, "whenever she would pass by, she would yell, 'Hey, fiancé!' and he would answer back, 'Yes, fiancée!' It was very cute."

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His & Hers
FAMILY FORTUNE

$7.5 BILLION Assets include ships and hotels (left) as well as petroleum interests and real estate worldwide

$775 MILLION Beyond hotel money, she has TV, book, jewelry and perfume earnings; a single party appearance can net $200,000

A BIT OF BLING

A diamond-encrusted dog tag from her that reads Property of Paris

From him, a diamond necklace with a wing-shaped pendant

EDUCATION

A grad of Athens's top private school; a friend says he's studying business

Graduated high school in 2000, then hit the modeling runway

PROOF OF LOVE

Bought their L.A. mansion, then filled it with photos of her

In Switzerland, forbade press photos to protect his privacy

RECENT EXES

Actress Zeta Graff (left), whom he squired during her divorce

Nick Carter (right), from whom she split last summer

PETS

Joint custody with Paris of Peter Pan, a Rottweiler

Chihuahuas Tinkerbell and Bambi

Which Ring?
Top jewelers weigh in on possible Paris picks $3 MILLION

NEIL LANE

His 12-carat pink diamond (left) "is for someone who has everything. It is so rare." His 10-carat yellow? "For someone who has it all—and doesn't need to show it."$750,000

MARTIN KATZ

Katz predicts the Parises will ultimately choose a more affordable white diamond, like his 10-carat Ashoka cut. "They're rich but they're young—they have to leave some room to grow."$330,000

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