Mariah Carey, the undisputed queen of holiday anthems, may live a life of luxury, but her financial situation appears to be anything but festive. The iconic singer, known for her extravagant spending habits, has reportedly amassed $18.6 million in mortgage debt on her lavish Manhattan penthouse, raising questions about her financial management despite an estimated net worth of $350 million.
Extravagant Spending Habits
Carey’s spending habits have long been the subject of rumors. It’s reported that the 55-year-old singer spends as much as $1 million per month on designer clothes, luxurious gifts, and high-end experiences, The New York Post reported. She’s reportedly been borrowing substantially against her Tribeca, New York, penthouse, a property she initially purchased for $9 million in 1999. The penthouse, a combination of two units, features stunning views of Lower Manhattan, and Carey has taken out numerous mortgages on the property over the years, The Daily Mail reports. The outlet recently posted Carey’s morgage documents online showing a staggering debt.
Carey first took out an $8 million home loan with JPMorgan Chase Bank in 2009. In 2015, she borrowed an additional $2.6 million from City National Bank. In 2016, she refinanced the mortgage on her penthouse for a whopping $17.6 million, reportedly receiving $9.6 million in cash advances. By 2018, the loan increased to $18.6 million, with another $1 million advanced to the singer.
While she’s been quick to draw on the equity of her penthouse, Carey’s financial decisions may be tied to her high-maintenance lifestyle. Her ex-husband, Nick Cannon, once remarked that it costs Carey up to $200,000 just to leave the house. According to The Daily Mail, she spends on things like $45,000 dog spa treatments and $100,000 a month on exotic flowers.
Mariah Sells Off Assets
Carey, who recently lost both her mother and sister on the same day in August, has been shedding properties. In 2023, she sold her nine-bedroom mansion in Atlanta for $3.92 million, taking a $1.73 million loss in just 18 months after buying it for $5.65 million.
A Seasonal Income
Even though she spends alot it seems, Carey does also know how to make money– a ton of it. But there is one problem, according to financial adviser Doug Perry, who noted to The New York Post, Carey’s income might be more seasonal than steady. “She generates more of her music royalties, endorsements, and appearance fees during the holidays,” Perry explained. While Carey’s Christmas classic, “All I Want for Christmas Is You,” brings in large sums each holiday season, her earnings outside of this period may not be as consistent.
Carey is to embark on a holiday tour starting in November 2024, which will be followed by her Las Vegas residency in January 2025. Tickets for the residency will be as much as $2,700.
