‘The root of all evil’ was at the heart of the split of James Packer with Mariah Carey. Picture: Instagram

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Pop superstar Mariah Carey has stacked up mortgages totalling $A27.5 million on her posh New York pad — most of which was cashed out in loans.

It seems like the “We Belong Together” singer’s lifestyle requires a little more than the holiday royalties from “All I Want For Christmas Is You.”

According to the New York Post, the 55-year-old music legend reportedly has a taste for the finer things, blowing a shocking $1.4 million a month on designer clothes, gifts and extravagant expenses.

Insiders told the Daily Mail her split from Aussie billionaire James Packer back in 2016 wasn’t just because of their personal differences, but had a lot to do with her obsession with “money, money, money.”

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Mariah Carey owes the banks a lotta cash. Picture: Getty

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Carey’s obsession with money reportedly got between her and James Packer Picture: Dimitrios Kambouris/Getty Images

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Sources said the diva spent $66,000 on spa treatments for her dogs, $148,000 a month on exotic flowers, and $14,000 per session for hair and makeup.

Mariah snapped up her Tribeca penthouse for $US9 million cash in 1999, merging it with the apartment below.

Since then, it’s been a financial roller coaster. In 2009, she borrowed $US8 million from JPMorgan Chase Bank, followed by a $US2.6 million loan from City National Bank — known as the “Bank to the Stars” — in 2015.

In 2016, just before her divorce from Nick Cannon was finalised, Carey refinanced her JPMorgan mortgage to a whopping $US17.6 million, pocketing a cool $US9.6 million in the process, the outlet reports.

Then, in 2018, the loan was bumped up again to $US18.6 million with an extra $US1 million thrown her way.

Despite her reported $US350 million net worth, Mariah has been shedding property too.

Last year, the Grammy-winner offloaded her nine-bedroom Atlanta mansion for $US3.92 million — a loss of $US1.73 million in just 18 months after buying it for $US5.65 million.

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Mariah Carey lives a very extravagant lifestyle. Picture: Mariah Carey/X

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Mariah Carey with tex-husband Nick Cannon. Picture: Getty

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Why all the cash grabs? Well, experts have some theories.

“Mariah don’t step out of the house, it cost her $150,000, $200,000 just to walk out of the house,” said ex-husband Nick Cannon in 2022, highlighting just how much it takes to keep up with her high-maintenance lifestyle.

Doug Perry, a financing adviser, 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.”

But with her Tribeca penthouse now worth between $US30 and $US35 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.

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Last year, Carey sold her Atlanta mansion for $US3.92 million. Picture: Realtor

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One of the home’s eight bedrooms. Picture: Realtor

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And one of the 12 bathrooms. Picture: Realtor

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Carey, who hasn’t dropped a new album since 2018, is gearing up for her upcoming Christmas tour, starting November 6 in California and wrapping up in Brooklyn on December 17.

After, she’ll kick off her Las Vegas residency in January. And with tickets going for up to $US2,700 ($A4,000) a pop, the singer could be padding her bank account just in time.

And despite reports that she’s back in action, Mariah has faced some personal struggles recently.

She lost her mother and estranged sister on the same day last month. “My heart is broken that I’ve lost my mother,” Carey shared on August 27.

“Sadly, in a tragic turn of events, my sister lost her life on the same day.”

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.

Parts of this story first appeared in the New York Post and were republished with permission.