Mariah Carey has borrowed a mind boggling $18 million on the Manhattan penthouse she bought for half that amount - as her '$1 million-a-month' spending spirals out of control

Mariah Carey has loaded her New York penthouse with numerous multi-million mortgages with $18.6 million is still outstanding –  $10.6 million of which was in cash advances.

Perhaps it is her reportedly extravagant million-a-month spending habit that is the reason she necessitates these huge infusions of cash, even though her net worth is estimated at $350 million.

She reportedly blows an 'obscenely expensive' amount on designer clothes, gifts and champagne.

She split from Aussie billionaire tycoon James Packer in 2016 because of her obsession with ‘money, money, money,’ with insiders reckoning she spent $45k on doggie spa treatments, $100k-a-month on exotic flowers and $10k-a-time for hair and make-up.

Carey, 55, purchased her Tribeca apartment for $9 million cash in June 1999 through a company Franklin Views LLC set up by her business manager. She bought the penthouse and the apartment below, then joined them together.

In February 2009, she took out a $8 million home loan with JPMorgan Chase Bank.

Then, in May 2015, Carey – or Mimi as she is known to fans – borrowed a further $2.6 million with City National Bank, nicknamed 'Bank to the Stars' for offering bumper 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  $9,622,798 advance. 

Carey signed the document as a 'managing member' of Franklin Views LLC.

Then, in April 2018, the $17.6 million mortgage was increased to $18.6 million with $1,022,478 advanced to the singer. The contract was again signed by Carey.

So in total, she borrowed $18.6 million from JP Morgan Chase and $2.6 million from City National Bank. The $18.6 million is still outstanding though the smaller amount was paid off in October 2016.

While Carey is supposedly sitting on a $350 million fortune, according to Celebrity Net Worth, she was quick to offload her other US property – a nine-bedroom mansion in Atlanta – for a  $3.92 million in May 2023 after buying it for $5.65 million in November 2021 - a $1.73 million loss in just 18 months.

There are a few possible reasons for Carey needing these huge lump sums, say real estate experts.

When she borrowed $9.6 million in August 2016, she was finalizing her divorce to Nick Cannon - although it was reported he didn't receive a cent - just a Ferrari and travel expenses when visiting their two kids, who were primarily in Carey's care.

Cannon said later, in 2022, that his ex blows at least $150,000 every time she leaves her home, claiming: 'Mariah don't step out of the house, it cost her $150,000, $200,000 just to walk out of the house.'

Doug Perry, strategic financing advisor at Real Estate Bees, believes Mariah may need the advances as her earnings are cyclical, with royalties primarily coming during Yuletide for her biggest hit All I Want For Christmas Is You. 

Carey, who hasn't released an album since 2018, is due to start her 20-city Mariah Carey Christmas tour in Highland, California, on November 6.

It culminates in Brooklyn, New York, on December 17 and she begins a residency at the Park MGM in Las Vegas on January 31.

Tickets to her tour are going for upwards of $2,700.

'I can surmise that she generates more of her music royalties, endorsements, appearance fees, during the holidays,' Perry told DailyMail.com.

'That seems to be the time of year she takes on a larger than life presence. If I was underwriting her as a borrower, I would be averaging her income over a multi-year period to account for that. 

'As long as her holiday music continues to play, I am not sure she needs new content to be relevant.'

Perry went on to explain that Carey's Tribeca duplex would be worth around $30 to $35 million, so there's still enough equity in the pad to keep on borrowing.

'The Tribeca market is up about 350 percent over those 25 years, which puts her property in the $30 to $35 million range.

'Her property is large and unique, and while not everyone can afford to buy a property at this end of the price range, those that can are willing to pay up for trophy properties,' says Perry.

'Mariah's Tribeca apartment, which she created by buying the penthouse and the unit below it, is the definition of a trophy piece of real estate and it has appreciated considerably during the 25 years she has owned it.

'Mariah has cashed in on the equity created by that appreciation by taking out a series of larger and larger loans,' said Perry.

'She clearly took a bath on the Atlanta property she sold, and she put a lot of money into that house after she bought it. It could be a sign she needed cash, although she has available credit on the loan on her Tribeca penthouse she could have tapped, so it is more likely she wanted out of the property and was willing to take a large loss.'

In November, Radar Online reported that Mariah's spending had hit $1 million-a-month on out-of-control shopping sprees buying 'useless stuff' with 'no price tag too high'.

Carey said she's getting back to work following 'a couple of rough weeks' weeks after her mother Patricia, 87,  and estranged sister Alison, 63, died on the same day last month. 

The popstar took to Instagram on Sunday WHAT SUNDAY AND I DON'T SEE THE POST HERE with a post of herself as she rehearsed her track It's Like That for a series of upcoming international dates.

'Back at work,' the five-time Grammy-winner captioned the post. '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!'

In the clip, Carey donned a fashionable all-black ensemble as she stood alongside a piano, telling fans, 'We'll see you soon, China!' as she's slated to play there September 15 and 16, followed by shows in Brazil slated for September 20 and 22.

Carey confirmed the series of family tragedies in an August 27 statement .

'My heart is broken that I've lost my mother this past weekend. Sadly, in a tragic turn of events, my sister lost her life on the same day.'

Mariah said she felt 'blessed' she was able to 'spend the last week' with her mother prior to her passing.

She added, 'I appreciate everyone's love and support and respect for my privacy during this impossible time.'