James Packer packs on the PDA in Portofino after getting engaged for the fifth time to model Kylie Lim - as they soak up the sun on the billionaire's superyacht

Aussie billionaire James Packer stepped out with fiancée Kylie Lim to soak up the sun on his $200million superyacht on the Italian Riviera.

The picture-perfect fishing village of Portofino is described as one of Italy's 'natural jewels' and is known for its pastel-coloured buildings, narrow streets and scenic harbour. 

In recent years, tourists have flocked to the celebrity hotspot beloved by Madonna and the Kardashians alike.

Packer, 58, and Ms Lim - a former Canadian socialite and model - were spotted hand-in-hand strolling along the waterfront on Thursday.

Dressed in a baby blue halterneck top and shorts, Ms Lim smoked a cigarette before boarding her fiancé's boat carrying a shopping bag from designer label Pucci. 

Complementing his partner, Packer sported a navy polo shirt, shorts and a baseball cap. 

The couple shared a brief kiss before joining their friends on the boat, including former rock star Australian financier Hamish Douglass.

The group were then seen sunning themselves on Packer's 108-metre yacht which is named IJE, in honour of his children Indigo, Jackson and Emmanuelle.

Douglass, who stepped away from the spotlight in February 2022 following a turbulent period for investment firm Magellan, cut a toned figure in boardshorts and a bucket hat. 

It is little surprise that Douglass joined his friend Packer on board the yacht. 

Earlier this year, Douglass made headlines after revealing he is gay and laid bare the private upheaval in an hour‑long interview with journalist Joe Aston on the Rampart Talks podcast.

The discussion took place at Packer's Sydney apartment, where Douglass detailed the strain of telling his four children, his mental health struggles and the end of his 27-year marriage to former wife Alexandra in December 2021. 

Packer's holiday with Ms Lim and friends comes four months after he confirmed their engagement following reports the model had been seen wearing a diamond ring while running errands in Aspen, Colorado. 

'We are very happy to be engaged and looking forward to the future,' Packer told news.com.au from Los Angeles in March. 

The couple were together for almost three years from late 2017 to 2020 before rekindling their romance last year.

Packer was previously engaged to former Aussie models Kate Fischer, Jodhi Meares, and Erica Baxter, along with US pop star Mariah Carey.

He later married Meares and Baxter, with whom he had three children. 

It is understood Packer and Ms Lim began dating in 2017 after being introduced by mutual friends in Aspen, where he also co-owns a home with ex-wife Erica Baxter. 

The couple fuelled engagement rumours in 2019 when Lim was seen wearing a diamond-encrusted sparkler on her wedding finger during a loved-up holiday on his superyacht in Capri, Italy.

In 2020, the couple travelled to Sydney to inspect Packer's $2.4billion Crown Barangaroo casino development being constructed at the time.

Packer previously credited Lim with helping him through a dark period of his life following his messy split with Carey in 2016 and battle with substance abuse.

He also spent time in a Boston mental health facility for bipolar disorder and depression.

The billionaire confessed he had been in a 'bad, bad way'.

'Kylie has been a wonderful influence on my life. I love her very much,' he said during a rare interview in 2019.

In his 2018 biography, The Price of Fortune: The Untold Story of Being James Packer, he told author Damon Kitney: 'Kylie is a good person, a really good partner, and we are taking things slowly, one day at a time.

'I'm lucky she's in my life.'

Kitney also described Ms Lim as the 'one constant presence' in Packer's life during a difficult period and said she played a key role in helping the billionaire rebuild his life. 

The news of the engagement came just days after Packer's cousin was found dead at his home on Sydney's lower north shore.

Francis Packer, 64, was a visual artist living a quiet life separate from the wealthy dynasty.

He was found dead in his two-bedroom Cammeray unit, owned by his mother Angela Raymond, on Sunday.

While his older cousin lived away from the spotlight, James Packer was thrust into public life from an early age, with his activities regularly making headlines. 

His father, media mogul Kerry Packer, was one of the richest and most influential people in Australia at the time of his death in 2005.

James was the majority owner of Crown, which operates casinos in Melbourne, Sydney and Perth, until the company was sold to Blackstone.

He retreated to his superyacht, named IJE after the initials of his children - Indigo, Jackson and Emmanuelle.

Packer now splits his time between his $175million mega‑mansion in Bel‑Air, California, and his superyacht.

He revealed in a recent wide-ranging interview with Rampart Talks that he is receiving professional treatment for mental health issues but said he was now in a 'good place'. 

'I haven't had a drink for two years. I'm working with a good psychologist and a good psychiatrist,' the 58-year-old said.

Packer also revealed that he is still close to both of his ex-wives and leans on them for support.