Taylor Swift Buys $17 Million Mansion in Cash

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(Photo: Reuters/MARIO ANZUONI)Singer Taylor Swift poses as she arrives at the 55th annual Grammy Awards in Los Angeles, California February 10, 2013.

Taylor Swift reportedly purchased a $17.75 million Rhode Island estate mansion in cash, just weeks after selling her Hyannis Port, Mass. vacation home.

The Grammy award-winning singer reportedly negotiated down the price after it was originally listed at $20 million. The luxury home, located in Westerly, features five bedrooms; over 11,000 square feet of living space and 700 feet of waterfront, according to TMZ.

The real estate purchase could be yet another "short-term investment" made by Swift, 23, following reports that the singer made a whopping $1 million profit on her $5 million Hyannis Port home. The home, located across the street from the famous Kennedy compound, was purchased by Swift in August and sold recently.

"It was like a house-flip," a source told Vanity Fair of Swift's Hyannis Port investment. "A good short-term investment."

At the time of purchase Swift was dating Conor Kennedy, 19, which fueled rumors claiming the singer was attempting to move closer to the Political Heir.

"People say that about me, that I apparently buy houses near every boy I like—that's a thing that I apparently do. If I like you I will apparently buy up the real-estate market just to freak you out so you leave me," she told Vanity Fair.

In December, two months after her split with Kennedy, Swift was reportedly eyeing property in England where British pop star Harry Styles, who she had been dating, was living at the time. Swift later revealed that reports of a potential property purchase in England were false.

"People say that I'm buying houses all the time that I'm not buying. It's like… every time the press thinks I like a guy they say I am buying a house next to them," she said.