Mariah Carey's extravagant lifestyle fueled by cash-out loans

Despite residing in a stunning Tribeca penthouse, Mariah Carey's finances reveal a more complex situation.

The music superstar has accumulated $18.6 million in mortgages on the Manhattan property, primarily through cash-out loans.

While Carey earns substantial royalties from her iconic holiday hit All I Want For Christmas Is You, her lavish spending habits appear to require additional funding.

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

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

Carey's expenses include:

- $45,000 spa treatments for her pets

- $100,000 monthly on exotic flowers

- $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.

Her borrowing history includes:

- $8 million loan in 2009

- $2.6 million loan in 2015

- $17.6 million refinance in 2016, netting nearly $10 million

- Further increase to $18.6 million in 2018

Despite an 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, valued between $30 and $35 million, allowing her to continue leveraging the asset through loans.