Will reportedly popped the question following a romantic dinner on the ocean at sunset during which they feasted on grilled prawns, lobster, oysters, and a tomato salad -- a few of Erin's favorite dishes.
Will -- who was more affectionately known as "Dr. Evil" -- won Season 2 of Big Brother in 2001 and claimed the show's $500,000 grand prize before returning for Big Brother 7: All-Stars in 2006, when he finished fourth.
Afterward, he also co-starred on E!'s Dr. 90210 reality series.
Over the last handful of years, Will has hosted the jury roundtable segment on Big Brother's season finales. And in 2016, Will won the celebrity edition of The Price is Right and donated his winnings to charity.
Erin appeared as one of the bachelorettes on For Love or Money's first season on NBC in 2003.
While she was selected by star Rob Campos during the finale, she opted to take the $1 million prize over a relationship with him.
She subsequently starred on the show's second season as the object of affection for numerous bachelors.
Erin chose to risk the $1 million she had won during the first season in an effort to double it.