Jay-Z is spending nearly $4 million on an island in the Bahamas for his family.

A source told The Sun: “Jay’s been looking for a private island for the family. He’s getting it partly to mark their fifth wedding anniversary but also, with Bey back in the spotlight, it’s getting impossible for them to do normal things such as go to the beach with Blue. A private island means they’ll be able to have quality time with minimum staff and security.”

This would not be the first time Beyoncé and Jay-Z have spent a large amount of money on one another. Beyoncé reportedly spent $5 million on her husband's latest birthday gift in December.

Jay-Z, who turned 43 on Dec. 4, received a luxury Hublot watch with over 1,000 diamonds on it.

A source told the Daily Star, “Beyoncé will always buy Jay the best gifts money can buy. Money is no object to her. She knew he would love the Hublot Big Bang watch. It’s the ultimate timepiece, a mixture of extravagance, luxury and bling."

Jay-Z is a huge watch collector and was very excited when he was given the gift. He can’t wait to start flashing it around. It is absolutely stunning. In Beyoncé’s defence, what do you buy the man who already has everything?”

The singer, Jay-Z and their daughter, Blue Ivy, spent August at a $43.5 million estate in the Hamptons.

The self-proclaimed diva and her rapper husband, who, Forbes reports, jointly earned more than $70 million in 2011, rented out the 11-acre property for $400,000, according to the New York Post, just for one month.

The New York Post also reported that the rapper spent $600,000 on a solid-gold, handmade horse from Japanese jeweler Ginza Tanaka for Blue Ivy, when she was born, and Beyoncé and Jay-Z reportedly spent $1.5 million on gifts for their now 1-year-old child.