Mariah Carey have called it quits after being together for about two years

Mariah Carey and James Packer have called it quits after about two years together.

“They are not together right now. They split a couple of weeks ago,” a source close to Packer confirmed to PEOPLE. “It’s possible they will get back together. They are still talking, but James needed a break.”

Packer, a billionaire Australian businessman, proposed to Carey, gracing her with a 35-carat diamond engagement ring in January — just months after going public with their relationship last September.

The couple had a whirlwind romance, spending last summer in Italy and going on outings with the singer’s 5-year old twins with ex-husband Nick Cannon, Monroe and Moroccan.

The source said Carey’s lavish spending and her upcoming E! show Mariah’s World were sources of conflict for the couple who first met at the 2014 premiere of Hercules.

“James is all about business and making money,” the source said. “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.”

They may have called it quits, but the source said there is a chance the love birds will reunite. Here are five things to know about the man who stole Carey’s heart.

Credit: Julian Abram Wainwright/Bloomberg/Getty

1. He is very, very, very, very wealthy.
According to Forbes, Packer is estimated to be worth $4.7 billion. So how did he make his fortune? He got a good head start: His father is the late media mogul Kerry Francis Bullmore Packer. He went on to become the chairperson of Crown Limited, a giant entertainment and resort group in Australia, building his fortune with smart investments. He is estimated to be the fourth-richest person in Australia.

2. He’s been married before.
Like Carey, he also has children from a previous marriage – he has three young kids with his ex-wife Erica Baxter, who is now dating Seal. Both Packer and Carey have been married twice before.

3. He had a Scientology phase.
After the end of his first marriage to model Jodhi Meares, he became friends with Tom Cruise, and was said to have attended the Church of Scientology in Australia.

Dimitrios Kambouris/Getty
Credit: Dimitrios Kambouris/Getty

4. He has a bit of a temper.
In 2014, a video showed Packer and fellow billionaire mogul David Gyngell getting into a brawl on the streets of Sydney. The two media moguls, who had been friends since childhood, were both charged $500 for their “offensive behavior.” It turns out, though, that Gyngell, not Packer, had instigated the fight. “He fully accepts that he was the instigator of the incident,” a spokesman said. “Clearly, had he not turned up at Packer’s premises in an angry mood then the confrontation never would have happened.”

Rumors swirled that the fight was over Miranda Kerr, whom Packer was said to be dating at the time. (She denied that she was seeing Packer or in any way involved with the incident.)

Gyngell’s wife, Leila McKinnon, compared the fight to the notorious Knowles-Z elevator incident.

“Ok so they’re much better dressed and a little more discreet but I feel a kinship with Beyoncé, Solange, and Jay Z today,” she tweeted.

5. He’s committed to fitness.
While vacationing in Italy with Carey in 2015, Packer showed off his svelte physique while lounging around in a Speedo. The pair are believed to have spent the summer on Packer’s luxury yacht, the Arctic P.