Details About Mariah Carey's Major Money Troubles
Mariah Carey is not only a music icon; she's also the epitome of what it means to be glamorous. The "Queen of Christmas" is never seen without donning designer clothes and accessories, and most days, her face is in full glam. But is her lavish life all that it seems?
Well, if the rumors are true, the singer spends more than she brings in. With a reported net worth of $350 million, according to Celebrity Net Worth — which is definitely nothing to scoff at — Carey's income can't keep up with her spending habits. Though she has not released an album since 2018, she does receive $2.5 million a year in royalties from her massive hit, "All I Want For Christmas Is You," Forbes reported. She also did a stint in Las Vegas in April, July, and August 2024, and is set to do another residency at Park MGM in early 2025, Billboard reported. So, then where's all of Carey's money going exactly?
Mariah Carey's home has become a money pit
Mariah Carey purchased her luxurious Manhattan penthouse for $9 million in 1999, according to the Daily Mail, and went on to buy the apartment below to combine them in 2009. She gave fans a glimpse into her home when she partnered with Booking.com in November 2022 to give a fan a chance to have cocktails with her during the holiday season. The short video posted to Instagram showed luxurious holiday decorations and the stunning view of the New York City skyline from her balcony.
Unfortunately, Carey does not appear to be sitting pretty in her home. The "We Belong Together" artist has reportedly stacked up $18.6 million in loans for her penthouse, with $10.6 million of it being cash advances. When she purchased the apartment below her, she took out an $8 million mortgage with JPMorgan Chase Bank in 2009, the Daily Mail said, while Realtor.com reported that Carey refinanced that mortgage in 2016 to $17.6 million, pocketing $9.6 million in cash
In 2015, she also took out a $2.6 million loan from City National Bank, which is widely known as a "bank to the stars," Realtor.con said, and paid it back one year later. Over the years, she has offloaded some of her other properties, including a nine-bedroom mansion in Atlanta. According to Architectural Digest, she purchased the home for $5.65 million in November 2021 and sold it for $4.3 million 18 months later at a nearly $2 million loss.
Sources say her lavish lifestyle could be her downfall
On social media, Mariah Carey is known for showing off her glamorous life. In September 2024, the "Fly Like A Bird" singer posted a photo to Instagram of her and her twins, Moroccan and Monroe, whom she shares with ex-husband Nick Cannon, during an excursion to the Great Wall of China. And on her 55th birthday in March 2024, she shared a photo of herself lounging on a yacht in a blue sequin gown, a diamond bracelet, and Louis Vuitton sunglasses, which can retail for over $1,000. "Anniversary adventures commence," she captioned the post.
During an interview on "The Joe Budden Podcast" in 2022, Cannon revealed his ex-wife blows hundred of thousands of dollars every time she leaves the house. "It cost her $150,000, $200,000 just to walk out of the house," he said, in part. A source seemed to confirm this, telling the Daily Mail that the pop star blows an "obscenely expensive" amount of money on designer clothes, gifts, and champagne — she even pays someone to fan her when she gets her makeup done, they added.
The Queen of Christmas is also known to spend loads of money on gifts for "everyone in her life" during the holidays, which a source told Radar she stockpiles throughout the year.