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Mariah Carey, James Packer

Xposure/AKM-GSI

Welcome to the neighborhood, dahhlings!

Mariah Carey and fiancé James Packer have rented a $250,000 per month, 18,000-square foot home in Calabasas, Calif., a source confirms to E! News. This super luxe rental is part of The Oaks double gated community, which means Mariah will live close to the Kardashians (Kris Jenner's family home is part of the exclusive community) and NBA star Chris Paul.

Mariah and James' new home, as you can imagine, is fully equipped with a sauna, gym and home movie theater. The palatial home sits on one acre and has phenomenal views. Because so much attention was paid to every detail, the house took five years to build. Up until this point, it's never been on the market. A source tells E! News that Emil Hartoonian from The Agency brokered this deal for Mariah, which allows her to lease with an option to buy.

The real reason Mariah opted for this rental, though, is because she wanted something in a family friendly area that would be safe for her and ex Nick Cannon's 4-year-old twins: Son Moroccan and daughter Monroe.

Fortunately for Dem Babies, their parents seem to be on the friendliest of terms. Nick congratulated Mariah and James on their engagement over the weekend—and hilariously acknowledged the enormity of Mariah's 35-carat diamond!

A source told E! News Nick genuinely is happy for Mariah and James. "Nick's children like Packer and he treats them well, so that's what he cares about," added an insider.  

"He feels as long as his kids are in good hands, he will support any decision Mariah makes," another source told E! News back in June. "Mariah will always be in Nick's life that will never change. It makes Nick happy that Mariah is in a great place in her life between work and love."

—Additional reporting by Melanie Bromley