Mariah Carey is engaged to Australian billionaire James Packer

Despite two failed marriages in the past, it looks like the superstar singer is giving love another go – with reports claiming that she and her billionaire beau, James Packer, are engaged.

Mariah Carey has wasted no time in flashing her incredible engagement ring after accepting James Packer’s proposal.

The Australian businessman was reported to have proposed to the star in NY after rounding up some of the star’s closest friends to witness the special moment. News that Packer presented Mariah with “the most breathtaking engagement ring”, which is said to be “around 35 carats”.

In November, the Grammy victor told Steve Harvey of her first meeting with Packer in Aspen, saying that she remembers “talking and laughing” with her now fiancé from the start. “So we hit it off”.

Worth about $3.5 billion, Packer, 48, is Australia’s fourth richest man, according to the Forbes Rich List. We’ll just say the unbelievable Mr. James Packer. She was most recently married to American’s Got Talent host Nick Cannon.

The designer, who is an old friend of Carey’s, said Packer was involved in the design process, adding: “He wanted to create something very rare and very handsome around this diamond he chose, and I followed his lead”. The pair have four-year-old twins Monroe and Moroccan together. Carey was first married to music executive Tommy Mottola. Second wife Meares called it quits three years later, with the couple separating in 2002 and divorcing soon after; they blamed the breakdown on different thoughts about having children.

They haven’t set a date yet but one thing is for sure, it will be fabulous, sparkly and not at all understated!