The signer reportedly walked away with millions
Credit: Gotham/GC Images

According to the outlet’s sources, the singer and Australian businessman settled a few months ago, and Carey received $5 – $10 million dollars, considerably less than the $50 million she reportedly wanted for moving to L.A. to be with her ex-fiancé. Included in that sum: the flashy, 35-carat diamond engagement ring Packer gave Carey, which the outlet says cost less than the $10 million it was previously appraised at.

Reps for Carey and Packer did not immediately respond to PEOPLE’s request for comment.

Carey and Packer, 50, met at the Hercules premiere in 2014 and stepped out holding hands on vacation in June 2015 before making their red carpet debut in September 2015 at The Intern premiere. After a few months together, the business mogul popped the question in January 2016 with the massive rock, about which Carey later joked: “It’s so heavy I can’t lift my arm up!”

On Oct. 27, 2016, PEOPLE confirmed the five-time Grammy winner and billionaire had split, ending their engagement a few weeks prior. In the year since, things turned bitter. This fall, Packer opened up about their short-lived romance. “I was at a low point in my personal life,” he told The Australian of the split. “She was kind, exciting and fun. Mariah is a woman of substance. But it was a mistake for her and a mistake for me.”

Dimitrios Kambouris/Getty
Mariah Carey and James Packer at the GLAAD Media Awards, May 14, 2016
| Credit: Dimitrios Kambouris/Getty

Since her split from Packer, Carey — who is gearing up to embark on her Christmas tourbriefly rekindled her romance with amicable ex-husband Nick Cannon and has dated on-off interest and dancer Bryan Tanaka, all the while accessorizing with the 35-carat diamond at recent public events.