Elin Nordegren and Chris Cline
03/13/2013 AT 03:00 PM EDT
What began as a friendship between two North Palm Beach neighbors – Elin Nordegren
and billionaire coal magnate Chris Cline – has blossomed into a romance, sources tell PEOPLE.
"Elin was introduced to Chris by a local friend because they seem to have a lot in common," a source tells PEOPLE. "They both have children, like to keep their personal lives quiet, believe in philanthropy, and enjoy leisure outdoor activity."
The ex-wife of Tiger Woods
has been seeing the West Virginia-raised Cline (who is reportedly worth $1.2 billion) since the beginning of the recent holiday season.
Both own property in the exclusive oceanfront estate community
called Seminole Landing.
"They have a nice casual relationship that has blossomed into a romance," the source tells PEOPLE. "Elin is very impressed with him. She thinks he is a cool guy."
Married twice (and widowed and divorced) – and the father of four – Cline, 53, owns the company Foresight Reserves, as well as a luxury yacht, which he charters out for Mediterranean or Caribbean cruises. Named Mine Games
, its sundeck features a swim-up bar and whirlpool, as well as a party favorite 72" plasma flat screen TV.
At this point, the relationship between the two is casual and non-exclusive. Nordergren, 33, is busy building a mansion on her Seminole Landing property after razing the original $12 million house which she bought after her divorce from Woods was final.
Cline travels constantly for business and also has a home in West Virginia.
"There is nothing serious at this point," the source goes on to say. "But Elin definitely wants to settle down again with a family man who will love her children, Sam and Charlie."