Mariah Carey may be living in luxury with her stunning Tribeca penthouse, but her finances tell a different story. The music superstar has amassed $18.6 million in mortgages on the Manhattan property, primarily through cash-out loans.

Though she earns considerable royalties from her iconic holiday hit “All I Want For Christmas Is You,” it appears her lavish spending habits require much more.

Known for her extravagant lifestyle, Carey reportedly spends around $1 million monthly on high-end clothes, extravagant gifts, and costly luxuries.

She has amassed $18.6 million in mortgages

Carey’s extravagant expenses

Insiders have speculated that her 2016 breakup with billionaire James Packer may have been driven in part by her strong desire for wealth.

According to New York Post, among her most extravagant expenses are $45,000 spa treatments for her pets, $100,000 monthly on exotic flowers, and $10,000 per session for hair and makeup.

Carey purchased her Tribeca penthouse for $9 million in 1999 and has refinanced the property multiple times, borrowing millions against its value.

Over the years, she has increased her borrowing, including an $8 million loan in 2009, followed by a $2.6 million loan in 2015. By 2016, just before her divorce from Nick Cannon, she refinanced to $17.6 million, netting nearly $10 million, and raised it further in 2018 to $18.6 million.

Despite her estimated $350 million net worth, Carey has been offloading assets, including selling her Atlanta mansion at a significant loss of $1.73 million. Financial experts suggest her cash flow may be inconsistent, with most of her income being seasonal.

However, Carey still holds significant equity in her Tribeca property, which is now valued between $30 and $35 million, allowing her to continue leveraging the asset through loans.