Kim Kardashian and Kanye West. Picture Reuters

Kim Kardashian West and Kanye West have pulled out of their purchase of a $14 million holiday home.

The couple - who have children North, five, Saint, three, and Chicago, 12 months, and are expecting their fourth via a surrogate - had been planning to buy a luxury condo in Miami Beach but have now decided to look elsewhere due to privacy concerns.

According to TMZ, the 'Keeping Up With the Kardashians' star and her 41-year-old spouse are now looking into property in the Bahamas or other tropical destinations that their whole family will be able to enjoy.

And at the top of the list for their dream home is somewhere private and secluded as they pulled out of the Miami Beach abode after being photographed on its balcony and realising it wasn't right for them.

Unfortunately for the couple, Kanye will lose the $600,000 down payment he made on the property when he reserved it as a Christmas gift for the 38-year-old beauty.

The condo was situated just a few steps away from the beach within a building that has been dubbed 'Billionaire Beach Bunker'.

The 4,700 square foot property featured four bedrooms and five-and-a-half bathrooms, as well as a huge terrace.

And that's not all, as the building has a gym, pool and spa for residents to use, as well as offering a concierge service.

A source previously said of the purchase: "Kanye saw the property during Art Basel in December and bought it as a Christmas present for Kim. It was a complete surprise for her."