Kim Kardashian West and Kanye West. Picture: Instagram

Celebrity duo Kanye West and Kim Kardashian West are reportedly set to pay R202 million for an apartment in Miami.

The 41-year-old rap star and Kim, 38 - who have kids North, five, Saint, three, and 11-month-old Chicago - have decided to part with the eye-watering sum to acquire an apartment in one of the city's most eye-catching locations.

A source told the New York Post newspaper's Page Six column: "Kim and Kanye have been spotted viewing the property in the last month, and they are now in contract to buy it for $14 million(R202 million). The sale is expected to close in January."

Faena House, which is an 18-story luxury beachfront tower, is designed by the world-famous architect Norman Foster, who also masterminded the design of the Gherkin in London.

Kanye and Kim's new property reportedly features four bedrooms and five 1/2-bathrooms, while their building is home to a private gym, a spa, a swimming pool and a concierge.

Meanwhile, Kris Jenner - Kim's mother - reportedly spent as much as R7.1 million on her Christmas Eve party.

The showbiz matriarch staged her annual December 24 bash at the Hidden Hills home of Kim and Kanye - and she spared no expense in making sure the family's 200 guests had a great time, with an insider saying the event is crucial to the family's "image"

A source explained: "The party needs to be eye-popping because it sets the tone for their empire - it creates a fantasy world and makes people want to tune in, so $500,000 (R7.1 million) is nothing for them. 

"The grand spectacle of the party also helps sell Kylie [Jenner's] make-up, Kim's perfumes, and Khloe [Kardashian's} jeans. It's all about image."