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How Mariah Carey's 'Princess Fairy Tale Is Coming True' with Her Billionaire Fiancé James Packer

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Everyone knows Mariah Carey loves a good wedding.

After all, this is the woman who dressed as Cinderella and shut down Disneyland just to celebrate renewing her vows with ex-husband Nick Cannon. Now engaged to her billionaire fiancé James Packer, who proposed on Jan. 21 in New York City with a whopping 35-carat diamond engagement ring, the Grammy-winning superstar might have found her happily ever after.

“Mariah was always a hopeless romantic,” a source close to the singer tells PEOPLE in this week’s issue. “She deserves the dream and I am sure James will give her just that.”

Mariah Carey and James Packer
Kin Cheung/AP

Estimated to be the fourth-richest person in Australia with a net worth of $4.7 billion, Packer, 48, recently signed a lease for a luxury home outside L.A. at a little less than $250,000 per month, where Carey will raise her 4½-year-old twins, Monroe and Moroccan, from her marriage to Cannon.

The singer “always loved being showered with roses and diamonds,” says a pal. “And now her princess fairy tale is coming true.”

For more details inside Carey and Packer’s engagement, pick up this week’s issue of PEOPLE on newsstands Friday.

While this will be Carey’s third marriage – she previously tied the knot with music executive Tommy Mottola, 67, and America’s Got Talent host Cannon, 35 (their divorce is still pending) – friends say she can’t wait to be Packer’s wife.

“She is super excited,” says an insider. “And she has never been in a better place.”

With plans still to be finalized, friends are anticipating nothing less than the best for Carey’s next wedding.

Adds a pal: “Mariah is someone who likes to be taken care of.”