The star of the film Wall Street has been dating Brooke Mueller, a real estate investor, for 15 months.
The two began dating only 8 months after Sheen and his ex-wife, actress Denise Richards, separated.
Sheen asked Mueller to marry him while on the beach in Costa Rica. The actor presented his girlfriend with a ring valued at $500,000.
Denise Richards, who has two young daughters with Sheen, approves of the new relationship. The two women were spotted together last weekend shopping.