*Mariah Carey’s luxurious lifestyle is allegedly straining her finances, despite her reported $350 million net worth.
According to the New York Post, the singer has accumulated $18.6 million in mortgages on her Tribeca penthouse, most of which came from loans. Carey reportedly spends $1 million a month on designer clothes, lavish gifts, and costly services like $45,000 spa treatments for her dogs and $10,000 hair and makeup sessions.
In 2016, she refinanced her mortgage to pocket $9.6 million, and her spending habits have reportedly been a factor in her split from billionaire James Packer, Daily Mail reports. Recently, Carey sold her Atlanta mansion at a significant loss.
The New York Post writes, “In 2009, she borrowed $8 million from JPMorgan Chase Bank, followed by a $2.6 million loan from City National Bank — known as the “Bank to the Stars” — in 2015.”
“She generates more of her music royalties, endorsements and appearance fees during the holidays,” Doug Perry, a financing advisor, told the Daily Mail. “If I was underwriting her as a borrower, I would average her income over a multi-year period.”
Carey is currently preparing for her upcoming Christmas tour, which begins on November 6 in California. She will launch her Las Vegas residency in January, with ticket prices reaching up to $2,700.
The superstar, who hasn’t released a new album since 2018, recently lost her mother and estranged sister on the same day last month.
“My heart is broken that I’ve lost my mother,” Carey shared in a post on social media on August 27. “Sadly, in a tragic turn of events, my sister lost her life on the same day.”
Carey later shared an update about the “challenging weeks” she’s faced following the sudden passing of her mother, Patricia Carey, and her sister, Alison Carey, in August. In an Instagram post, the superstar wrote, “Back at work,” she captioned a video of herself rehearsing her 2005 hit “It’s Like That.”
“It’s been a couple of rough weeks, but I appreciate everyone’s love and support so much and I can’t wait to see my fans in China & Brazil. Love you!” Carey added.
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