American singer-songwriter Mariah Carey has racked up a whopping $18 million debt on her Manhattan penthouse, which she originally bought for $9 million.
Carey, 55, reportedly took out a $18.6 million loan for her penthouse in Tribeca. Of those, $10.6 million was in cash advances, according to the Daily Mail. That is more than double what she spent on the property, which she purchased for $9 million in cash in June 1999 through Franklin Views LLC, a company set up by the singer's business manager.
Breaking Down Carey's Mortgage Debt
Per the outlet, Carey borrowed $8 million from JPMorgan Chase Bank in 2009. She borrowed an additional $2.6 million home loan with City National Bank in May 2015, which she paid off later that year.
In 2016, Carey refinanced her mortgage with JPMorgan to $17.6 million. She pocketed $9.6 million in cash advance in the process. She later increased this loan amount to $18.6 million in April 2018, receiving over $1 million in cash advance.
The "All I Want For Christmas Is You" singer owes $18.6 million in mortgage loans to JPMorgan Chase.
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What Led to Carey's Soaring Mortgage Debt?
Insiders who spoke to the outlet attributed the 55-year-old's $18.6 million mortgage loan to her spending habits, adding that she splurges about $1 million monthly on designer clothes, gifts, champagne, and other expenses.
In addition, the insiders claimed Carey spends about $45,000 on doggie spa treatments, $100,000 on exotic flowers every month, and $10,000 each time she hires a hair and makeup team.
In 2022, comedian and television host Nick Cannon said the singer spent roughly $150,000 to $200,000 each time she leaves the house. Cannon, who married Carey from 2008 to 2014, said the expenses covered security, hair, makeup, and jets.
Carey has a net worth of $350 million, per Celebrity Net Worth. However, her earnings are cyclical as she earns more from her music royalties and endorsements during the holidays, Doug Perry, a strategic financing advisor, told the Daily Mail. It is estimated that she earns an average of $2.5 million in royalties from her holiday hit "All I Want For Christmas Is You" every year.
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