Kanye West, Kim Kardashian Back Out Of $14 Million Condo Deal

Kanye West and Kim Kardashian are back in the luxury real estate market, because the couple is pulling out of a $14 million deal for a super exclusive Miami Beach condo.

Sources close to the situation tell TMZ ... Kim and Kanye are no longer going through with the deal after deciding their money would be better spent on a piece of property that's more private and secluded.

We're told Kim and Ye are looking into real estate in the Bahamas and other tropical destinations ... and they want something the whole family can enjoy.

There aren't exactly gift receipts for $14 million condos ... and we're told Kim and Kanye are losing their $600,000 down payment.

As we reported ... Kanye surprised Kim with a condo in an uber-exclusive building, dubbed "Billionaire Beach Bunker," as a Christmas present.

But, after they were photographed on their new condo's balcony, we're told Kim and Kanye realized the place wouldn't be right for them, because it lacked privacy for them and their fam.