The fairytale may be over for Mariah Carey and her fiance James Packer with reports claiming the couple have split. The Australian businessman is alleged to have ended his 10-month engagement to the US pop star due to her extravagant spending in the midst of their wedding preparations.

Packer, 48, proposed to Carey, 46, in January 2016 after almost a year of dating and presented the Grammy-winning singer with a $10m (£8.1m) engagement ring which he is reportedly allowing her to keep. According to Australian publication Woman's Day, Packer was concerned over Carey's extravagant lifestyle and their lack of privacy due to her forthcoming E! docu-series Mariah's World.

A source told the website: "It's all over. 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."

It is also alleged that Carey struggled to connect with Packer's family and refused to attend 50th birthday celebrations for his sister Gretel in Sydney earlier this year.

Despite his wealth, the insider claims Packer was uncomfortable with Carey's reportedly huge spending sprees.

The source continued: "James is very generous but Mariah takes it to the next level. When she refused to come to Australia for Gretel's birthday party it created a lot of tension in the family," adding, "James' tight circle of friends never really thought they would marry."

Mariah Carey and James Packer
Mariah Carey and James Packer are reported to have split less than a year after getting engaged Lucas Jackson/Reuters

The We Belong Together singer had gushed about her romance with casino magnate Packer on several occasions in the past and told E! News shortly after their engagement: "I'm feeling fantastic, better than ever. [The proposal was] very romantic. He's an exceptional person and really... it gets more romantic by the day, so it's very sweet."

Carey had also confirmed that Packer would appear in her forthcoming reality series, stating: "Yes, he's part of the series. He's a businessman, and that's, like, his world, and I don't try to permeate that situation. So I think he's been very cool in allowing some moments, but you can't...he's not an entertainer. He's not a professional entertainer. That's not what he does. So I can't expect him to change his whole thing because, like, 'Oh, no, you've got to be, like, interviewed constantly and this and that'."

Mariah Carey engagement ring
Mariah Carey is reportedly allowed to keep the $10m engagement ring James Packer gifted her in January 2016 Frederick M. Brown/Getty Images

A wedding date was never revealed publicly but the Sweet Fantasy singer revealed she had started wedding preparations. Carey told People earlier in the year: "I can't really talk about them right now because everything is still being figured out. I never said it was gonna be a big wedding."

It would have been the third time walking down the aisle for Carey who was married to TV personality Nick Cannon for six years, and music executive Tommy Mottola for five years, while Packer has been married twice.

Watch the trailer for Mariah's World: