The 31-year-old son of a billionaire banker died while trying to save his fiancée during a fishing competition in Florida over the weekend.
According to the Miami Herald, Juan Carlos Escotet Alviarez died after he attempted to rescue his fiancée, Andrea Montero, when she fell off the stern of their 60-foot boat on Saturday. The two were catching sailfish as part of an event hosted by the Ocean Reef Club in north Key Largo.
After entering the water, Alviarez was struck by a boat propeller and died from his injuries, the outlet said. Journalist Angela Oraa of Venezuela said Montero was able to get out of the water "without consequences," according to a translated tweet.
Citing the Florida Fish and Wildlife Conservation Commission, The Independent said the accident occurred about six miles from the private community, Ocean Reef Club. The FWC did not immediately respond to PEOPLE's request for comment.
Alviarez is the son of billionaire Juan Carlos Escotet Rodriguez, the Venezuelan newspaper, El Nacional, reported.
According to Forbes, 62-year-old Rodriguez has a net worth of $3.5 billion and is the founder of the Caracas-based banking group, Banesco. The group operates out of Panama, the Dominican Republic, Puerto Rico, Colombia and the U.S.
Rodriguez, a father of four, built his fortune while working as a messenger for Banco Union when he was 17, Forbes reported. Rodriguez started his own brokerage in 1986, and 15 years later, merged it with Banco Union.
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Alviarez is listed as a director of Banesco in a description on the company's website. He is also a graduate of the University of Miami with "vast experience" in real estate development around Miami, it said.
A tweet from the Venezuelan outlet Magazine Español said Alviarez planned to marry Montero in November.