After buying a Tribeca penthouse for $9 million cash in 1999, the pop star has borrowed millions in loans on the pad’s equity in order to fund her lavish lifestyle.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Mariah Carey may gradually be learning that, for some, the best gift of all comes as a result of debt-free living.
The “All I Want For Christmas Is You” singer has accrued a total of $18.6 million in mortgages on her Tribeca apartment, most of which was cashed out in loans, according to a report from the Daily Mail.
Carey first purchased the penthouse for $9 million cash in 1999, but has had to take out loans to fund her expensive taste. The musician reportedly spends about $1 million per month on designer clothes, gifts and other lavish items, like $45,000 spa treatments for her dogs.
Carey’s spending habits have also impacted her relationships, according to the Daily Mail’s sources, who say that her separation from billionaire James Packer in 2016 had a lot to do with her love of “money, money, money.”
Ten years after buying the Tribeca apartment, the pop star borrowed $8 million from JPMorgan Chase Bank and another $2.6 million from City National Bank in 2015. Then in 2016, before Carey’s divorce from Nick Cannon was finalized, the singer refinanced the JPMorgan mortgage to $17.6 million, the Daily Mail reported. Two years later, Carey finagled the loan amount up to $18.6 million.
Carey also recently sold one of her properties — a nine-bedroom mansion in Atlanta that went for $3.92 million, down from the $5.65 million she bought it for at the end of 2021.
Although her reported net worth is $350 million, according to Celebrity Net Worth, Carey is clearly seeking out more cash on a regular basis to finance her way of life.
“Mariah don’t step out of the house, it cost her $150,000, $200,000 just to walk out of the house,” Cannon said of the singer’s habits in 2022.
Since the singer released “All I Want For Christmas Is You” in 1994, she has largely become synonymous with the song and likely makes most of her income around the holiday season, according to financial advisor Doug Perry. The last time she released a new album was in 2018.
“She generates more of her music royalties, endorsements and appearance fees during the holidays,” Perry told the Daily Mail. “If I was underwriting her as a borrower, I would average her income over a multi-year period.”
According to Perry, Carey’s Tribeca pad is now likely worth around $30 to $35 million, which means she still has room to borrow against the home’s equity.
With the holiday season just around the corner, Carey is prepping for her big Christmas tour, which kicks off Nov. 6 in California and wraps on Dec. 17 in Brooklyn. The singer also has a residency in Vegas starting in January, with tickets selling for up to $2,700 each.
The singer has also faced some personal tragedy recently, with both her mother and estranged sister passing away on the same day in August. “It’s been a couple of rough weeks, but I appreciate everyone’s love and support so much,” Carey said recently on her Instagram.
Get Inman’s Luxury Lens Newsletter delivered right to your inbox. A weekly deep dive into the biggest news in the world of high-end real estate delivered every Friday. Click here to subscribe.
Email Lillian Dickerson
