Breaking: Mariah Carey and James Packer Have Split — But May Get Back Together

Mariah Carey and James Packer have split, a source tells PEOPLE.

A source close to Packer confirms,"They are not together right now. They split a couple of weeks ago.

However, they're remaining optimistic, "It's possible they will get back together. They are still talking, but James needed a break."

Apparently, the source explains, having all the money in the world has put strain on their relationship and Packer's lifestyle isn't necessarily in sync with Carey's. "James is all about business and making money...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."

The singer and the billionaire allegedly had a huge falling out over Carey's upcoming reality show, Mariah's World, as well as her over-the-top spending habits, which led to Packer dumping the elusive chanteuse, the report claims. Packer, who proposed to Carey in January, reportedly allowed her to keep the 35-carat engagement ring he gave her at the time.

"It's all over," a source said. "James had huge reservations about Mariah's new reality TV show and the fact that she was willing to expose their lives to the world."

PEOPLE's source says,"James is very private, and doesn't need the media to be successful...He doesn't want to be a part of Mariah's reality show."

Carey's E! series premieres in December and chronicles the singer's lavish lifestyle, something Packer had grown increasingly concerned about.

"James is very generous but Mariah takes it to the next level," a source said.

Packer's family allegedy did not support the union between the pair, leading to more tension between the couple. Carey reportedly refused to attend Packer's sister's birthday party in Sydney this year, and a source said his mother found it difficult to connect with the singer.

"When she refused to come to Australia for Gretel's birthday party it created a lot of tension in the family," the source revealed. "His mum hated to even hear her name mentioned, and James' tight circle of friends never really thought they would marry."

Carey recently canceled several tour dates in South America, leading many to speculate that something was up.

"To all of my lambs in South America, I am devastated that a portion of this tour had to be cancelled," Mariah said in a statement to E! News, citing promoter negligence. "Thank you for all of the excitement and love—I hope to see you soon, my darlings!"