Mariah Carey has saddled her New York penthouse with numerous multi-million dollar mortgages, of which $18.6 million is still outstanding, including $10.6 million in cash advances.
Perhaps it is his habit of spending, supposedly extravagantly, a million dollars a month that makes him need these huge cash injections, even though his net worth is estimated at $350 million.
She is said to spend an “outrageously expensive” amount on designer clothes, gifts and champagne.
She split from Australian billionaire tycoon James Packer in 2016 over his obsession with “money, money, money”; insiders estimate she spent $45,000 on dog spa treatments, $100,000 a month on exotic flowers and $10,000 on hair and makeup.
Carey, 55, bought his Tribeca apartment for $9 million in cash in June 1999 through a company, Franklin Views LLC, set up by his sales representative. He bought the penthouse and the apartment below and then combined them.
In February 2009, he released a $8 million mortgage loan with JPMorgan Chase Bank.
Mariah Carey has multiple mortgages on her Tribeca penthouse totaling $18.6 million
Carey, 55, has great views of Lower Manhattan from the terrace of her Tribeca penthouse. The property consists of two units that she bought and connected
Then, in May 2015, Carey – or Mimi, as she is known to her fans – borrowed another $2.6 million from City National Bank, nicknamed “the bank to the stars” for offering extraordinary loans at low interest rates to high-end clients.
She refinanced the $8 million mortgage with JP Morgan Chase to $17.6 million in August 2016, reflecting the increased value of the property, and received a down payment of $9,622,798.
Carey signed the document as “managing member” of Franklin Views LLC.
Then, in April 2018, the $17.6 million mortgage was increased to $18.6 million and $1,022,478 was advanced to the singer. The contract was re-signed by Carey.
In total, the company borrowed $18.6 million from JP Morgan Chase and $2.6 million from City National Bank. All $18.6 million remains outstanding, although the smaller amount was paid in October 2016.
While Carey is reportedly worth $350 million, according to Celebrity Net Worth, she was quick to offload her other US property (a nine-bedroom mansion in Atlanta) for $3.92 million in May 2023, after purchasing it for $5.65 million in November 2021 – a loss of $1.73 million in just 18 months.
There are a few possible reasons why Carey needs these huge sums, real estate experts say.
When she borrowed $9.6 million in August 2016, she was finalizing her divorce from Nick Cannon, though he reportedly didn’t receive a dime: just a Ferrari and travel expenses to visit their two children, who were primarily in Carey’s care.
Cannon later said in 2022 that his ex spends at least $150,000 every time she leaves the house, stating: ‘Mariah don’t leave the house, it cost her $150,000, $200,000 just to leave the house.’
Pictured: Mortgage documents confirming Carey’s $18.6 million loan
Carey’s ex-husband Nick Cannon comments on the singer’s spending habits in 2022: ‘It cost her $150,000, $200,000 just to get out of the house’
Christmas is the most lucrative time of year for Mariah. Doug Perry, strategic financial advisor for Real Estate Bees, believes Mariah may need the advances because of her cyclical income, primarily from Christmas royalties.
Doug Perry, Strategic Financial Advisor at Real estate beesHe believes Mariah may need the advances since her earnings are cyclical and royalties come mainly during Christmas for her biggest hit All I Want For Christmas Is You.
Carey, who has not released an album since 2018, will kick off her 20-city Mariah Carey Christmas Tour in Highland, California, on Nov. 6.
It will wrap up in Brooklyn, New York, on December 17 and begin a residency at Park MGM in Las Vegas on January 31.
Tickets for his tour cost more than $2,700.
“I can assume she generates the bulk of her music royalties, endorsements and appearance fees during the holidays,” Perry told DailyMail.com.
‘It seems to be the time of year when she takes on a larger-than-life presence. If I were insuring her as a borrower, I’d be averaging her income over a period of several years to take that into account.
“As long as their Christmas music is still playing, I’m not sure they need new content to be relevant.”
Perry went on to explain that Carey’s Tribeca duplex is reportedly worth between $30 million and $35 million, so there is still enough equity in the property to continue borrowing.
‘The Tribeca market has risen approximately 350 percent in those 25 years, putting the property in the $30 to $35 million range.
He sold his Atlanta mansion for $3.92 million in May 2023 after purchasing it for $5.65 million in November 2021. The loss could be a sign that he needed cash.
Mimi has invested well in her apartment which she bought for $9 million in 1999. It is now estimated to be worth between $30 and $35 million.
“Their property is large and unique, and while not everyone can afford to buy a property at this end of the price range, those who can are willing to pay for trophy properties,” Perry says.
‘Mariah’s Tribeca apartment, which she created by purchasing the penthouse and the unit below, is the definition of luxury real estate and has appreciated considerably during the 25 years she has owned it.
“Mariah has leveraged the capital created by that appreciation by taking out a series of increasingly larger loans,” Perry said.
‘It’s clear she took advantage of the Atlanta property she sold and invested a lot of money into that home after she bought it. It could be a sign she needed cash, though she has credit available for the loan on her Tribeca penthouse that she could have tapped, so it’s more likely she wanted to get rid of the property and was willing to take a big loss.’
In November, Radar Online reported that Mariah’s spending had reached $1 million a month on shopping sprees, buying “useless stuff” that was “not priced too high.”
Carey said she was returning to work after “a rough couple of weeks,” weeks after her mother Patricia, 87, and estranged sister Alison, 63, died on the same day last month.
The pop star took to Instagram on Sunday IT’S SUNDAY AND I DON’T SEE THE POST HERE with a post of herself while rehearsing her song It’s Like That for a series of upcoming international dates.
Mariah Carey’s sister Alison (left) was photographed in 2016, while her mother Patricia was photographed in a 2010 special.
“Back to work,” the five-time Grammy winner wrote in the caption. “It’s been a rough couple of weeks but I’m so appreciative of everyone’s love and support and can’t wait to see my fans in China and Brazil. Love you all!”
In the clip, Carey wore a chic all-black ensemble as she stood next to a piano and told fans, “See you soon, China!” as she is scheduled to play there on September 15 and 16, followed by shows in Brazil scheduled for September 20 and 22.
Carey confirmed the series of family tragedies in a statement on August 27.
“I am heartbroken to have lost my mother last weekend. Sadly, in a tragic turn of events, my sister lost her life on the same day.”
Mariah said she felt “blessed” to be able to “spend the last week” with her mother before her passing.
She added: “I appreciate everyone’s love, support and respect for my privacy during this impossible time.”
