Future Buys $16.3 Million Miami Mansion

The future is bright for Future when it comes to his real estate portfolio ... because he just dropped 10 figures on an island paradise.

Real estate sources tell TMZ ... the "Mask Off" rapper just bought a $16.3 million home on Allison Island in Miami Beach.

The place is absolutely palatial ... it's 8,897 square feet of pure luxury, as the 7-bedroom home features picturesque water views from the super exclusive island.

The master bedroom has a full wet bar and wine fridge, plus two huge walk-in closets and a private balcony spanning the entire length of the home.

Future's new crib has a backyard that sounds straight out of a tropical resort ... there's a pool and a spa, plus multiple dining areas and even a place to park a yacht. Miami living at its finest.

Jordan Karp represented Future in the sale, while Dina Goldentayer of Douglas Elliman repped the sellers.