Taylor Swift buys 17m summer home

Taylor Swift has spent $17 million on a summer home.

The 'I Knew You Were Trouble' singer has splashed out on a mansion in Rhode Island's Watch Hill, which is situated on a 5.23 acre estate, according to TMZ.

Taylor, 23, is reported to have paid cash for the home, which was originally listed for $20 million.

The savvy singer previously made almost $1 million profit on a property she bought to be closer to her now ex-boyfriend Conor Kennedy.

Taylor purchased a house across the street his grandmother in Hyannis Port, Massachusetts last year for $4.8 million but was eager to get rid of the 13-room house when they split after a few months together and resold it for $5.675 million, earning her a profit of $875,000.

Taylor previously tried to deny that she ever owned the property, telling Vanity Fair magazine: '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,'

However, the paperwork showed that she had and a source close to the singer confirmed: 'It was like a house-flip. A good short-term investment.'

The singer and her parents fell in love with the home after spending time in the area with 18-year-old Conor, who is the son of Robert Kennedy Jr. and the late Mary Kennedy, last summer.