Mariah Carey is reportedly struggling to control her financial crisis as her lavish lifestyle and Manhattan penthouse are putting her in deep trouble. Singer Carey is struggling with a mortgage debt of $18.6 million.
The purchase of her Tribeca unit is heavily contingent on a multi-million dollar mortgage, with a $10.6 million cash upfront. According to Radar Online, the 55-year-old veteran musician’s “extremely expensive” spending habits have left her shelling out a million dollars a month. Carey’s shopping spree has burned a hole in her pocket, while her net worth is estimated at $350 million, according to Celebrity Net Worth.
Sources recently told the Daily Mail that the “All I Want for Christmas Is You” hitmaker is a certified shopaholic who easily spends money on designer clothes, gifts and expanding her champagne collection.
How much money did Mariah Carey borrow for her Manhattan penthouse?
The “We Belong Together” singer purchased her Tribeca apartment, which has multiple mortgages on it, for $9 million in cash in June 1999 through Franklin Views LLC. After buying the penthouse and the apartment below it, she converted them into a single unit.
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Carey took an $8 million home loan from JPMorgan Chase Bank in February 2009. Six years later, he took an additional loan of $2.6 million from City National Bank. Returning to JPMorgan Chase in August 2016, he changed the old $8 million mortgage to $17.6 million due to the increased value of the property. Also, he received a down payment of $9,622,798.
In April 2018, when a $17.6 million mortgage increased to $18.6 million with $1,022,478 advanced. Both times, Carey signed the contract. The total mortgage amount now is $18.6 million from JPMorgan Chase and $2.6 million from City National Bank. Although the latter smaller amount was paid off in October 2016, the larger precedent remains unresolved.
In his real estate portfolio, Carey sold his nine-bedroom home in Atlanta but incurred a loss of $1.73 million. He sold his second home for $3.92 million in May 2023, despite buying it in November 2021 for $5.65 million.
Mariah Carey’s past boyfriends weren’t fans of her expensive purchases
To make matters worse, insiders even blamed her split from Australian billionaire tycoon James Packer in 2016 on these extravagant habits, which was caused by their ‘endless love’. Her alleged mind-boggling expenses also include spending $45k on spa treatments for the dogs, $100k per month on exotic flowers and $10k for every hair and makeup appointment.
Years after their divorce was finalized, Carey’s ex-husband Nick Cannon also commented on her spending habits in 2022, saying, “It cost her $150,000, $200,000 just to move out of the house.”
In 2022, they have teamed up with Booking.com to offer a once in a lifetime opportunity by opening their penthouse apartment to two lucky guests for an unforgettable vacation experience.
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The veteran singer’s income depends mainly on Christmas royalties
Doug Perry, strategic financing advisor at RealEstateBiz.com, claims that Mariah Carey likely needed the upfront amount listed on her Manhattan property, as her income follows a cyclical trend and is largely dependent on Christmas royalties.
“This seems to be the time of year when she expands her presence even more. If I were underwriting her as a borrower, I would average her income over a period of several years,” he added. “As long as her holiday music is playing, I don’t think she needs new content to stay relevant.”
Talking about her New York home, Perry said, “Mariah’s Tribeca apartment, which she created by purchasing the penthouse and the unit below it, is the definition of a trophy piece of real estate and has increased in value significantly over the past 25 years.”
“Maria has cashed in on the equity built up from that appreciation by taking out large loans.” He also revealed that Carrie’s home would now be worth $30 to $35 million, leaving her plenty of wiggle room to take out loans.
Though the music icon hasn’t released a new album since 2018, the singer will kick off her 20-city Mariah Carey Christmas tour on Nov. 6 at the High in California.
