“They are not together right now. They split a couple of weeks ago,” a source close to Packer confirms to PEOPLE. “It’s possible they will get back together. They are still talking, but James needed a break.”
Australian billionaire businessman Packer, 49, proposed to Carey, 46, with a 35-carat diamond engagement ring in her hometown of New York City in January — just months after taking their relationship public last September.
“James is all about business and making money,” the source explains, adding that despite his wealth, Packer’s lifestyle isn’t necessarily in sync with Carey’s. “Some of Mariah’s eccentric ways, especially her spending habits, caused drama. James is the most generous person ever, but he definitely doesn’t agree with senseless spending.”
A lack of camaraderie with Packer’s family also played a role. “They don’t like her at all and never have,” a source who knows the couple tells PEOPLE.
The breakup comes as Carey prepares to debut her upcoming E! show Mariah’s World — also said to be an ongoing source of conflict for the pair. Set to premiere Dec. 4, the eight-part reality series follows the songstress as she kicks off her “Sweet Sweet Fantasy” world tour while planning for the wedding.
“James is very private, and doesn’t need the media to be successful,” the Packer source tells PEOPLE. “He doesn’t want to be a part of Mariah’s reality show.”
According to a Carey source, “James has not been in a mentally healthy place. His behavior was not a desirable situation for Mariah so she unfortunately had to leave him.”
However, a source close to the businessman tells PEOPLE it’s “typical Mariah to just twist things that don’t sound good to her. They split because she has issues. James is definitely an oddball, but a brilliant great guy. To put her issues on James is ridiculous.”
The couple, who were last photographed together in Mykonos, Greece late September, first met at the 2014 premiere of Hercules in Aspen, Colorado. “We were talking and laughing and people were getting mad at us. We hit it off,” Carey told Steve Harvey last year.
The pop diva told E! News in June that the wedding was coming together, saying, “You know what? It’s time. The dress and the whole thing. I’m working and he’s working and everyone puts so much pressure.”
A date for the nuptials was never set, a source told PEOPLE in September.
Cannon filed for divorce from Carey in January 2015, following six years of marriage. Carey was previously married to music executive Tommy Mottola. Packer has three children with ex-wife Erica Baxter.
“I think aside from Tommy, James is the only guy she’s been with who’s more successful than she is,” a friend of Carey’s told PEOPLE earlier this year. “She likes that.”
Estimated to be the fourth-richest person in Australia, Packer “is powerful and successful and that is attractive to her,” the friend added.
“Mariah was always a hopeless romantic,” another source close to the singer previously told PEOPLE. “She deserves the dream and I am sure James will give her just that.”
Reps for Carey have not commented.
- With reporting by MELODY CHIU and JULIE JORDAN