Mariah Carey’s Manhattan penthouse may be luxurious, but what about her finances? Not so much.
The songstress has racked up an $18.6 million (A$27.6 million) mortgage on her TriBeCa mansion, most of which has been paid off with loans, and it looks like the “We Belong Together” singer’s lifestyle requires more than just Christmas royalties from “All I Want For Christmas Is You.”
The 55-year-old music legend is said to have a penchant for luxury items, spending a staggering $1 million (AUD1.5 million) every month on designer clothes, gifts and extravagant expenses.
A source told the Daily Mail that her split from billionaire James Packer in 2016 wasn’t just due to personal differences, but had a lot to do with her obsession with “money, money, money.”
Consider that she spends $45,000 on spa treatments for her dog, $100,000 a month on exotic flowers, and $10,000 per session on hair and makeup.
Mariah bought the TriBeCa penthouse in 1999 for $9 million in cash and combined it with the apartment below.
Since then, her financial life has been full of ups and downs: In 2009, she borrowed $8 million from JPMorgan Chase, followed by a $2.6 million loan in 2015 from City National Bank, known as the “bank for the stars.”
According to the outlet, in 2016, just before her divorce from Nick Cannon was finalized, Carey refinanced her mortgage with JPMorgan to a whopping $17.6 million, getting $9.6 million in the process. Then, in 2018, the loan was increased again to $18.6 million, with an additional $1 million paid to her.
Though her net worth is reportedly $350 million, Mariah has also been selling off real estate, most recently selling her nine-bedroom Atlanta mansion for $3.92 million, a loss of $1.73 million just 18 months after purchasing it for $5.65 million.
Why does she make so much money? Experts have a few theories. “Mariah never leaves her house. It costs her $150,000, $200,000 just to leave her house,” her ex-husband Nick Cannon said in 2022, highlighting just how expensive it is to maintain her high-maintenance lifestyle.
Financial advisor Doug Perry believes her income may be seasonal rather than year-round.
“She makes a lot of money from music royalties, endorsements and performance fees during her time off,” Perry told the Daily Mail. “If I were to take on her loans, I would take the average of her earnings over multiple years.”
But with the TriBeCa penthouse now valued at $30 million to $35 million, Perry said, Mariah still has significant equity in her real estate empire that she can borrow against. “She’s cashing in on that appreciation by taking out bigger and bigger loans,” he added.
Carey, who hasn’t released a new album since 2018, is gearing up for a Christmas tour that kicks off in California on November 6 and wraps up in Brooklyn on December 17, before embarking on a Las Vegas residency in January.
With tickets costing $2,700 each, the singer may end up getting some cash in his bank account just in time.
Despite reports that she’s back on the road, Mariah has been dealing with some personal challenges lately. Last month, she lost her mother and her estranged sister on the same day. “I’m heartbroken over the loss of my mom,” Mariah 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 her fans for their support, posting rehearsal videos for upcoming shows in China and Brazil. “These past few weeks have been tough but I’m so grateful for all of your love and support,” she wrote.
It was originally published as Mariah Carey’s lavish lifestyle has caused financial strain, including a staggering $27.6 million mortgage debt.
