The condo was intended to be a Christmas gift for his wife Kim Kardashian West, the source says, adding, the rapper has now backed out of the deal.
A second source tells PEOPLE, West looked at three units, two of which were in different buildings, but brought Kim to view this one. He verbally committed to purchasing the condo, but he has since decided not to buy the home.
The unit, which is located in Faena House, a residential tower directly on Miami Beach near the celeb-favorite Faena Hotel, was initially listed for $15.5 million.
A third source close to the couple confirms Kim was hesitant about the big-ticket buy.
“Kim, in general, is not a fan of Kanye making spontaneous multimillion-dollar purchases,” the source says. “But Kanye was super excited about the condo surprise so she didn’t want to hurt his feelings. Kim did like the condo and went along with it for a while before she put her foot down.”
The reality star and beauty mogul felt the glassy high-rise unit didn’t offer enough privacy for their family.
“It was just not a good fit for the family. It’s not private and not enough rooms for other family guests. They need a property that’s bigger, more private and preferably a house,” the source notes, adding, “They are not keeping the Miami condo.”
The property West is letting go of is a four-bedroom, five-and-a-half-bath unit totally 4,700 square feet with a terrace. If the deal had closed, the couple — who are expecting their fourth child via surrogate and already share children North, 5, Saint, 3, and Chicago, 1 — would have had access to amenities like a spa, fitness center, and a private beach club.
In December, a source told PEOPLE the Kardashian-Wests both love spending time in the Florida city and bought a house there a few years ago. It’s not known whether they have been renting out that property or have sold it.
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Kim and Kanye’s primary residence is a mansion in Hidden Hills, California, which they purchased for a reported $20 million in 2014. They worked with Belgian architect Axel Vervoordt to completely renovate and redesign it, and they eventually moved in in December 2017.
The interior, which Kanye controversially shared several images of on Twitter, has a restrained all-white palette and almost church-like architecture. Outside, the 3-acre plot boasts two swimming pools, two spas and a private vineyard. Kris Jenner tweeted in April 2018 that the house is now worth $60 million.
In November 2017, the couple sold their previous house in Bel Air for $17.8 million —more than one-and-a-half times the $11 million they paid for it in 2013 — to tech investor Marina Acton.
Acton sold the property at a loss for $14 million less than a year later.
- Reporting by BECKY RANDEL