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    Mariah Carey's luxurious Tribeca penthouse is a sight to behold, but her financial situation isn't as rosy as her penthouse. The singer has taken out loans totaling $18.6 million on her Tribeca pad, most of which were cashed out in loans. It seems like Mariah's lifestyle requires more than just holiday royalties from her hit song "All I Want For Christmas Is You."

    The 55-year-old music legend is known for her extravagant lifestyle, which includes a monthly splurge of $1 million on designer clothes, gifts, and luxury experiences. Insiders have revealed that her split from billionaire James Packer in 2016 wasn't just due to personal differences but also her obsession with money.

    Mariah has a taste for the finer things in life, including $45,000 spa treatments for her dogs, $100,000 a month on exotic flowers, and $10,000 per session for hair and makeup.

    She purchased her Tribeca penthouse for $9 million in cash back in 1999, merging it with the apartment below. Since then, it's been a financial rollercoaster for Mariah. In 2009, she borrowed $8 million from JPMorgan Chase Bank, followed by a $2.6 million loan from City National Bank in 2015, known as the "Bank to the Stars."

    Recent financial moves include refinancing her mortgage to $17.6 million in 2016 and increasing it to $18.6 million in 2018. Isla Harvey/Splash News

    In 2016, just before her divorce from Nick Cannon was finalized, Mariah refinanced her JPMorgan mortgage to a whopping $17.6 million, pocketing a cool $9.6 million in the process. Then, in 2018, the loan was bumped up again to $18.6 million with an extra $1 million thrown her way.

    Despite her reported $350 million net worth, Mariah has been shedding property too. She recently offloaded her nine-bedroom Atlanta mansion for $3.92 million — a loss of $1.73 million in just 18 months after buying it for $5.65 million.

    Experts have some theories about why Mariah is cashing out her assets. Doug Perry, a financing advisor, thinks her earnings may be more seasonal than year-round. "She generates more of her music royalties, endorsements, and appearance fees during the holidays," Perry told the Daily Mail. "If I was underwriting her as a borrower, I would average her income over a multi-year period."

    The singer also recently sold her Atlanta mansion at a loss. Bartolotti Media

    However, with her Tribeca penthouse now worth between $30 and $35 million, according to Perry, Mariah still has some serious equity left in her property empire to borrow against. "Mariah has cashed in on the equity created by that appreciation by taking out a series of larger and larger loans," he added.

    Carey, who hasn't dropped a new album since 2018, is gearing up for her upcoming Christmas tour, starting Nov. 6 in California and wrapping up in Brooklyn on Dec. 17. After, she'll kick off her Las Vegas residency in January. And with tickets going for up to $2,700 a pop, the singer could be padding her bank account just in time.

    Despite personal struggles, including the deaths of her mother and estranged sister last month, Mariah is set to hit the road for her holiday tour, which might help replenish her finances. Getty Images for MC

    The singer took to Instagram to thank fans for their support, posting a rehearsal clip for her upcoming shows in China and Brazil. "It's been a couple of rough weeks, but I appreciate everyone's love and support so much," she wrote.