Mariah Carey and her billionaire fiancé, James Packer, are planning quite the lavish wedding!

According to a new report, the 45-year-old singer and James, 48, will tie the knot on Australia’s Hayman Island near the Great Barrier Reef. “It’s an absolutely stunning spot and they plan on using one of James’ private planes to shuttle their guests in,” a source revealed to the Daily Mail. “It will be an amazing party.”

mariah carey and james packer - getty

Mariah and James in September 2015.

Mariah and James announced their engagement on Thursday, Jan. 21 after the Australian businessman proposed to the “We Belong Together” songstress with a 35-carat diamond ring. This will be the third marriage for both Mariah and James, who first began dating in June 2015.

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“Mariah knew she was going to marry him for some time,” the insider said, adding Mariah is planning to wear a custom-designed, $500,000 gown adorned with “hundreds of gold butterflies, all sewn with 14-karat gold thread.”

mariah carey and james packer - getty

Mariah and James in June 2015.

“Mariah was always a hopeless romantic. She deserves the dream and I am sure James will give her just that… Her princess fairy tale is coming true,” another source told People. “She is super excited. And she has never been in a better place.”

Mariah was previously married to music executive Tommy Mottola from 1993 until 1998 and to Nick Cannon — with whom she has four-year-old twins Moroccan and Monroe — from 2008 to 2014. James was hitched to model Jodhi Meares from 1999 until 2002 and to singer Erica Baxter — with whom he has three kids, Indigo, 7, Jackson, 5, and Emmanuelle, 3 — from 2007 to 2013.