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FOX NEWS -- New money, suit and tie — and a 32,000-square-foot estate.

The fairy tale mansion featured in Taylor Swift’s "Blank Space" music video — which has more than 2.8 million views on YouTube — is up for auction with a massive price cut.

Initially asking $20 million, the 12-bedroom, 10-bathroom Long Island property is now asking for a starting bid of only $7 million.

In 2015, Swift, now 31, won a MTV VMA award for Best Female Video for "Blank Space." In the video, Swift can be seen living in an opulent mansion and playing house with model Sean O’Pry.

Located in Glen Cove, New York, the residence is known as Winfield Hall and is complete with 56 rooms, space for 11 cars, 16 fireplaces, and even comes with an actual clock tower, according to Jam Press.

Initially built in 1917, the property was designed by renowned architect C.P. H. Gilbert for Frank Winfield Woolworth — the founder of the original Woolworth store (also known as one of America’s first dollar stores).

At the time the home was first constructed, it was considered the largest in the United States.

One particular feature that stands out is the butterfly marble staircase, which was built as the focal point of the home and is estimated to have cost $2 million to build.

The sprawling Gilded Age mansion sits on 16 acres of land and comes with sweeping lawns.

The fairytale residence formed the backdrop for several scenes in Swift’s "Blank Space" video, including the dining room featuring a classical chandelier, a wood-paneled ceiling and a white marble fireplace.

Currently, the property belongs to Denise Bettencourt, an architect who specializes in preservation and restoration of Gilded Age mansions. She purchased the residence back in 1978, property records show.

In addition to its moment in the spotlight with Swift, Winfield Hall also served as a modeling and airline stewardess school for women in the 1960s.

The mansion is set to be auctioned on July 12 by Max Spann Real Estate & Auction Co.

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