George Clooney and Amal Alamuddin Wedding Cost About $1.6 Million: Source

Amal Alamuddin and George Clooney on the cover of PEOPLE

By Elizabeth Leonard

@lizzleonard1

10/04/2014 AT 02:05 PM EDT

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True love may be priceless. But a gorgeous destination wedding in Venice, Italy, with fine food, top-shelf vino and multiple celebrations? Not so much.

At the end of the day, George Clooney and Amal Alamuddin's three-day wedding weekend, including their intimate Sept. 27 ceremony at the Aman Canal Grande resort, cost about $1.6 million, or a million British pounds, PEOPLE has learned.

Speculative reports placing the price tag anywhere from $5 million to upwards of $13 million are erroneous, according to a source.

Additional reports claiming Alamuddin's family footed the bill for the wedding weekend – which included several fetes at the matrimonial home base, the Belmond Hotel Cipriani – are also inaccurate, PEOPLE has confirmed.

One place the couple did catch a break on the bill? The bar tab.

As a founder of Casamigos Tequila, Clooney and business partner and wedding guest Rande Gerber flew 100 cases of the brand's award-winning Blanco, Reposado and Añejo tequila from California to Italy for the wedding festivities.