07/12/2012 02:42 pm ET Updated Jul 13, 2012

Sofia Vergara's Fiance, Nick Loeb, 'Lives Like A King,' Says Source

"Modern Family" star Sofia Vergara, newly engaged to boyfriend Nick Loeb, is about to find out what it’s like to be very, very rich. The $200,000 per episode her castmates reportedly asked for will look like pocket money compared to the fortune she is about to marry into.

“Nick is loaded,” a friend of his told me. “He lives like a king. No one is really sure what he does, but whatever it is, he does with style. His apartment in New York is amazing and his family is worth a fortune.”

Loeb is a former financial executive who last year created and launched a food topping company called Onion Crunch. His father is John Loeb, a former U.S. ambassador to Denmark and United Nations delegate who comes from one of the wealthiest families in America. Nick's paternal grandmother was a member of the prominent Lehman family.

“I’m sure they will sign a prenup should they split, but as long as they are together, Sofia will [live] like a queen,” said Nick's friend. “They have had a rough patch and briefly split, but now things between them couldn’t be better.”

Nick considered a run for a U.S. Senate seat in Florida in 2011, and even held a fundraising event hosted by former New York City Mayor Rudy Giuliani, before deciding not to enter the race.

CORRECTION: A previous version of this article incorrectly stated that Nick's mother is a member of the Lehman family.