{blackbabes} Jay Z and Beyonce -- All They Want for Christmas ... Is This SICK Bev Hills Mansion

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Jay Z and Beyonce -- the King and Queen of NYC -- could be California dreaming by Christmastime ... they're on the verge of closing a deal for an insane mansion, listed for $85 million.

According to TMZ's real estate sources Jay and Bey are the front runners in a bidding war on the 23,000 square foot palace in Beverly Hills -- and in the most UBER exclusive part of BH.

We're told there are a total of 4 offers on the pad -- listed by real estate maven Branden Williams -- and the Carters aren't the only celebs interested.

Our source says Beyonce, Jay and the seller are "just a few million dollars apart" on the price. They've already visited the home six times.

The deal's expected to close by Christmas for right around $70 million! Stuff that in your stocking.