Despite owning a luxurious Tribeca penthouse, Mariah Carey’s financial situation appears more complicated than it seems. The music icon has accumulated $18.6 million in mortgages on her Manhattan property, primarily through cash-out loans.
While Carey continues to earn significant royalties from her holiday hit *All I Want For Christmas Is You*, her extravagant lifestyle reportedly requires additional funding. Known for her lavish spending, Carey is said to spend around $1 million monthly on luxury items, including $45,000 on spa treatments for her pets, $100,000 on exotic flowers, and $10,000 per session for hair and makeup.
Carey purchased the Tribeca penthouse for $9 million in 1999 but has refinanced it multiple times, borrowing millions against its value. Her loans include an $8 million mortgage in 2009, a $2.6 million loan in 2015, a $17.6 million refinance in 2016, and an increase to $18.6 million by 2018.
Though she boasts an estimated net worth of $350 million, Carey’s cash flow may fluctuate, with much of her income being seasonal. She has also been offloading assets, such as selling her Atlanta mansion at a $1.73 million loss.
Despite her financial juggling, Carey retains significant equity in her penthouse, which is valued between $30 and $35 million, allowing her to continue leveraging the property for additional loans.
