Holly Madison: Engaged to Pasquale Rotella!

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With rumors floating around of a Kim Kardashian and Kanye West engagement, Holly Madison has beaten her fellow reality star to the love-filled punch:

She's agreed to marry Pasquale Rotella!

Holly Madison at Miss USA Pageant

The former Playboy centerfold announced the news on her official blog, excitedly saying the proposal took place on Sunday "at the top of the Ferris wheel at EDC Las Vegas."

Many of the couple's friends were there to share in the joyous occasion, with Holly adding:

"We rode around the festival on the art car until the sun came up! I couldn't have asked for a more wonderful or magical proposal!"

Madison and Rotella are parents to baby daughter Rainbow (really, that's her name) and have been dating since the fall of 2011.

This is the first engagement for the busty blonde, who was previously in a long-term relationship with Playboy founder Hugh Hefner. We send her our best wishes!

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let's wonder: WHY DIDN'T SHE WAIT FOR ME, folks?