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The Miami Beach condo that Kanye West surprised his wife Kim Kardashian with as a Christmas gift is now a no-go. The couple is backing out of the deal and eyeing cribs that reportedly offer more privacy. 

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. 

Is that $600K L tax deductible?

Reportedly, the couple got cold feet after they were photographed on their balcony.