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Karina Smirnoff Shows Off Her Engagement Ring!

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Steven Lawton/FilmMagic, inset: Denise Truscello

Despite her recent elimination from Dancing with the Stars, it looks Karina Smirnoff will have a lot to smile about this holiday season. The ballroom beauty broke the happy news to PEOPLE on Saturday that she and baseball player Brad Penny are engaged. And Smirnoff had the sparkle to prove it at Tao Las Vegas’s five-year anniversary party on Saturday night, where she debuted her 4.5 carat Asscher Cut diamond engagement ring. “He got down on one knee and he opened the box and I said, ‘Thank you’, said Smirnoff of Penny’s Oct. 4 proposal. A spokesperson from the Diamond Information Center places an estimated value of $100,000 on the 4.5 carat sparkler. And that wasn’t all that the lucky bride-to-be received from her fiancé: The strapping pitcher, who was unable to join Smirnoff at Tao this weekend, surprised her with a hand-written note in a fortune cookie telling Smirnoff she was his soul mate—complete with a stunning Everlon diamond necklace from! “I’m marrying a Southern Gentleman,” said Smirnoff, who accepted her fiancé’s proposal following a year-long courtship. – Gillian Koenig; reporting by Mark Gray