Mariah Carey’s lavish lifestyle causes financial strain, including a staggering $18.6 million in mortgage debt

Mariah Carey’s penthouse may be beautiful in Manhattan, but her finances? Not so much.

The diva has racked up $18.6 million worth of mortgages on her fancy Tribeca pad — most of which is borrowed. It seems the “We Belong Together” singer’s lifestyle requires a little more than the holiday royalties from “All I Want For Christmas Is You.”

The 55-year-old music legend is said to have a taste for the finer things, spending $1 million a month on designer clothes, gifts and extravagant spending.

Insiders tell the Daily Mail that her split from billionaire James Packer in 2016 wasn’t just due to their personal differences, it had a lot to do with her obsession with “money, money, money”.

Think $45,000 in spa treatments for her dogs, $100,000 a month in exotic flowers and $10,000 per hair and makeup session.

Mariah bought her Tribeca condo for $9 million cash in 1999, joining it with the condo below.

Since then, it’s been a financial rollercoaster. In 2009, it borrowed $8 million from JPMorgan Chase Bank, followed by a $2.6 million loan from City National Bank — known as the “Bank to the Stars” — in 2015.

In 2016, shortly before her divorce from Nick Cannon was finalized, Carey refinanced her JPMorgan mortgage to $17.6 million, netting $9.6 million in the process, the paper reports. Then, in 2018, the loan increased again to $18.6 million with an additional $1 million.

Despite her reported net worth of $350 million, Mariah has also shed property. She recently unloaded her nine-bedroom Atlanta mansion for $3.92 million — a $1.73 million loss in just 18 months after buying it for $5.65 million.

Why all the money grabs? Well, experts have a few theories. “Mariah don’t leave the house, it costs her $150,000, $200,000 just to leave the house,” ex-husband Nick Cannon said in 2022, highlighting how much it takes to keep up with her height. – lifestyle maintenance.

Doug Perry, a financial advisor, thinks her income may be more seasonal than year-round.

“She generates more of her music royalties, endorsements and appearance fees during the holidays,” Perry told the Daily Mail. “If I were to insure her as a borrower, I would average her income over a period of many years.”

But with her Tribeca penthouse now worth between $30 million and $35 million, according to Perry, Mariah still has some serious equity in her real estate empire to borrow from. “Mariah has cashed in on the capital generated by that valuation by taking out a series of increasingly large loans,” he added.

Carey, who hasn’t released a new album since 2018, is gearing up for her upcoming Christmas tour starting in November. 6 in California and ending in Brooklyn in December. 17. Next, she will begin her residency in Las Vegas in January. And with tickets costing up to $2,700 a pop, the singer could fill up her bank account in no time.

And despite reports that she’s back in action, Mariah has been dealing with some personal struggles lately. She lost her mother and her estranged sister on the same day last month. “I am heartbroken to have lost my mother,” Carey said on August 27. “Sadly, in a tragic turn of events, my sister lost her life on the same day.”

The singer took to Instagram to thank fans for their support, posting a clip of rehearsals for her upcoming shows in China and Brazil. “It’s been a tough few weeks but I really appreciate everyone’s love and support,” she wrote.