Kaylah Walton
Mariah Carey resides in a luxurious penthouse in Tribeca, yet her financial status presents a contrasting scenario. She has accumulated $18.6 million in mortgages on the Manhattan residence, largely due to cash-out refinancing.
Despite earning substantial royalties from her festive classic “All I Want For Christmas Is You,” her extravagant spending seems to exceed her income needs.
Carey, who is recognized for her lavish lifestyle, reportedly spends around $1 million every month on designer clothing, extravagant gifts, and other luxuries.
Extravagant Spending Habits of Carey
Sources suggest that her 2016 separation from billionaire James Packer may have partly stemmed from her strong pursuit of wealth.
The New York Post reports her notable expenses include $45,000 on spa treatments for her pets, $100,000 each month on exotic flowers, and $10,000 per session for her hair and makeup.
Carey bought her Tribeca penthouse for $9 million in 1999 and has refinanced it numerous times, borrowing millions against its equity.
Her borrowing has increased over the years, with an $8 million loan in 2009 and an additional $2.6 million loan in 2015. By 2016, prior to her divorce from Nick Cannon, she had refinanced to $17.6 million, receiving nearly $10 million, and further increased it to $18.6 million in 2018.
Even with an estimated net worth of $350 million, Carey has been selling off assets, including her Atlanta mansion, which she let go at a significant loss of $1.73 million. Financial analysts point out that her income may not be steady, often being seasonally influenced.
Nevertheless, she maintains considerable equity in her Tribeca property, now valued between $30 and $35 million, allowing her to continue utilizing this asset for loans.
