Vitaliy Vilshanetskyy/Getty; Inset: Roy Rochlin/Getty

The couple's primary residence is a $60 million mansion in Hidden Hills, California

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December 28, 2018 03:00 PM

Kim Kardashian and Kanye West are setting up house in Miami!

The couple are in the process of purchasing a multimillion-dollar condo in one of Miami Beach’s most exclusive luxury buildings, a source confirms to PEOPLE.

The final price is still being negotiated and the deal will close in January, the source says. The property is listed for $15.5 million with Oren Alexander and Tal Alexander of Douglas Elliman, who declined to comment on the sale.

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The residential tower is located directly on the beach near a celeb-favorite hotel.

The reality star and rapper reportedly purchased a four-bedroom, 5 ½-bath unit totally 4,700 square feet with a terrace. When the deal closes, the couple — who share children North, 5, Saint,3, and Chicago, almost 1 — will have access to amenities like a spa, fitness center, and private beach club. 

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A second source tells PEOPLE the Kardashian-Wests both love spending time in the Florida city and bought a house there a few years ago. It’s not known whether they have been renting out that property or have sold it. Kanye most recently spent time in the city for the Art Basel Miami Beach art fair in December, while Kim stayed home.

Kanye West at Prada Mode Miami Night 3 during Art Basel Miami Beach.
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Kim and Kanye’s primary residence is a mansion in Hidden Hills, California, that they purchased for a reported $20 million in 2014. They worked with Belgian architect Axel Vervoordt to completely renovate and redesign it, eventually moving in in December 2017.

The interior, which Kanye controversially shared several images of on Twitter, has a restrained all-white palette and almost church-like architecture. Outside, the 3-acre plot boasts two swimming pools, two spas and a private vineyard. Kris tweeted in April 2018 that the house is now worth $60 million.

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In November 2017, the couple sold their previous house for $17.8 million —more than one-and-a-half times the $11 million they paid for it in 2013 — to tech investor Marina Acton.

Acton sold the property at a loss for $14 million less than a year later.

  • Reporting by BECKY RANDEL

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