Packer, in an interview with The Australian this week, explained he was caught up in debt and at a "low point" in his personal life when he met Carey.
Packer said Carey was "kind, exciting and fun. Mariah is a woman of substance. She is very bright. But it was a mistake for her and a mistake for me."
The businessman admitted "it is my biggest regret that I let my marriage to Erica fail." James and Erica Baxter share three children together.
The former couple ended things nearly one year ago after an 18-month whirlwind romance that ended in an engagement and, eventually, a total split. Carey made it clear the two didn't remain close — earlier this year, an interviewer asked her about Packer and she replied, "I don't know where the motherf***er is."
The interview comes at an interesting time, yesterday The Blast broke the story that the singer's friends are concerned about her mental health after Carey livestreamed an odd, unsettling video rant.