Kanye plunked down some serious money for a property called Monster Lake Ranch. The asking price was $14 million for the huge chunk of land outside Cody, Wyoming.

The Ranch itself has 8 lodging units and is known for "monster trout" fishing. It has 2 fresh water lakes, a restaurant, an event center and meeting facilities. And -- it's a ranch, right -- so there are lots of horse barns, corrals and lots of horsies. Fun fact ... Cody is known as the "rodeo capital of the world." Imagine Sunday Service at the rodeo?!?

We're told Kanye did not pay full price but we don't know exactly how much he plunked down. The property itself is more than 9,000 acres! He now owns 4,500 of those acres, and the rest is leased from the federal government.

Kanye is there now ... earlier this week, he was tooling around his new property on an ATV.

We're told Kanye is currently there ... finishing up his new album, which has a heavy religious theme. As you know, his Sunday Service has become a thing, and now he's going into the studio to put finishing touches on the album that's expected to come out Sept. 27.

Our sources say in the last few days Pusha T joined Kanye in Wyoming. Remember, Pusha was also there when Kanye was working on the album "Ye." He spent a lot of time in Wyoming at the Aman resort putting pen to paper to finish that album.