Mariah Carey may be known for her iconic high notes and chart-topping hits, but it seems the pop diva’s financial situation is hitting a few sour notes. Despite a reported net worth of $350 million, Carey’s lavish lifestyle and mounting debt have come under scrutiny, with sources suggesting her penchant for luxury could be the root of her financial woes.
The 55-year-old music legend has reportedly racked up an eye-watering $18.6 million in mortgages on her swanky Tribeca penthouse, much of which has been cashed out in loans. While her holiday hit “All I Want for Christmas Is You” rakes in millions every winter, it appears even those royalties aren’t enough to keep up with her extravagant spending.
Carey, who purchased her Manhattan penthouse for $9 million in cash back in 1999, has since used the property as a financial crutch. In 2009, she took out an $8 million loan from JPMorgan Chase, followed by another $2.6 million loan from City National Bank, a lender famously known as the “Bank to the Stars.” By 2016, just before her divorce from Nick Cannon was finalized, Carey refinanced her mortgage with JPMorgan, pocketing $9.6 million in the process. And in 2018, she upped the loan again, bringing her total debt to a staggering $18.6 million.
Carey’s lavish spending has raised questions about how she manages her wealth. Insiders revealed to the Daily Mail that her 2016 split from billionaire James Packer wasn’t just due to personal differences but was fueled by Carey’s obsession with money. And it’s no surprise—her expenses are jaw-dropping. Think $45,000 spa treatments for her dogs, $100,000 a month on exotic flowers, and $10,000 per session for hair and makeup. It seems Mariah’s high-maintenance lifestyle comes with a hefty price tag.
Even her ex-husband Nick Cannon weighed in on her extravagant ways, saying in 2022, “Mariah don’t step out of the house, it cost her $150,000, $200,000 just to walk out of the house.” For most Americans, that’s more than a year’s salary—just for a day in the life of Mariah Carey.
Financial experts suggest that Carey’s earnings may be more seasonal than consistent throughout the year. Doug Perry, a financing advisor, told the Daily Mail, “She generates more of her music royalties, endorsements, and appearance fees during the holidays.” This might explain why Carey has been offloading properties, including a nine-bedroom Atlanta mansion she sold for $3.92 million—a loss of $1.73 million in just 18 months.
However, Perry pointed out that Carey’s Tribeca penthouse is now worth between $30 and $35 million, giving her some significant equity to fall back on. “Mariah has cashed in on the equity created by that appreciation by taking out a series of larger and larger loans,” he said.
Despite her financial juggling, Carey remains a superstar, gearing up for her upcoming Christmas tour and a Las Vegas residency in January, with ticket prices reportedly reaching up to $2,700. But even as she continues to perform, Carey has faced personal hardships. She recently lost both her mother and estranged sister on the same day, sharing her heartbreak with fans on social media.
In the world of Mariah Carey, the highs are high, but the lows can be just as extreme. Whether she can maintain her lavish lifestyle and keep her finances in check remains to be seen. For now, the pop diva’s legacy—both in music and in excess—continues to unfold.
