Taylor Swift buys million-dollar home for her parents

LAS VEGAS, NV - APRIL 03: Musician Taylor Swift poses with her award for Entertainer of the Year in the press room at the 46th Annual Academy Of Country Music Awards held at the MGM Grand Garden Arena on April 3, 2011 in Las Vegas, Nevada. (Photo by Jason Merritt/Getty Images)
Jason Merritt
Taylor Swift poses backstage with her award for entertainer of the year at the 46th Annual Academy of Country Music Awards on April 3, 2011, in Las Vegas.
Jason Merritt/Getty Images

(CBS) Country singer Taylor Swift spent $1.4 million on a Nashville, Tenn., home for her parents, Andrea and Scott Swift.

Pictures: Taylor Swift
Pictures: Grammy Winners

According to US Magazine, this three-bedroom, 5,000-quare-foot estate was built in the 1920s. It boasts a  stone terrace and a massive outdoor fireplace. A source close to the 21-year-old Grammy winner says, "It's an incredible house."

"Taylor's been visiting her parents there and she's so excited for them."

Swift, who constantly splits her time between Nashville and California, has also bought a new home for herself in L.A. "She is in L.A so much - and she was paying a fortune in hotel charges!" a source says.