A historic mansion featured in Taylor Swift’s “Blank Space” music video has filed for bankruptcy.

According to a July 31 filing in the U.S. Bankruptcy Court of the Eastern District of New York, Oheka Castle in Huntington, N.Y. has filed for Chapter 11 bankruptcy. The owner, Gary Melius, made the motion to avoid a foreclosure sale of the property at public auction.

The initial filing notes that the property’s ownership entity — Kahn Property Owner LLC — owes just over $63.5 million to its creditors. Meanwhile, it has zero cash on hand and only $57.27 in its checking account.

The Long Island property served as the memorable backdrop in Swift’s “Blank Space” music video, in which she and her male suitor are seen falling in and out of love while riding horses through a formal garden and picnicking in an Olmstead-designed garden. In one iconic shot, Swift bashes in the hood of sports car in the mansion’s motor court.

Other scenes, including the stately dining room, were filmed at another nearby New York mansion, Winfield Hall, also known as the Woolworth mansion.

The entire Oheka property is worth over $92 million in assets, which includes the Oheka Castle Hotel & Estate and the 22 acres of land it sits on. Meluis operates the property and Oheka operates as a separate entity.

“I purchased the property in 1984 when it was an abandoned shell of a building. Since that time, it has been a labor of love of mine and I have literally put my blood, sweat and tears into restoring and improving the property,” Melius said in the filing.

He added: “Giving back to the community is important to me and I have utilized the property for community use, Easter egg hunts, movies, community meetings and events, charity golf outings and raising money for various charitable organizations.”

“The weddings are all still on,” he told Newsday of the popular venue. “No one should worry about it.”

Melius’ attorney did not immediately respond to PEOPLE’s request for comment.

In addition to its appearance in “Blank Space,” the property has appeared in other movies and TV shows including Citizen Kane, Gossip Girl, Project Runway, Succession and more. The castle was even used as the venue of Kevin and Danielle Jonas’ wedding in 2009.

As of Aug. 8, rooms at the Oheka Castle range from $495 to $1,295 per night.

According to the resort’s website, financier and philanthropist Otto Hermann Kahn built a 109,000 square-foot, 127-room estate as a summer home in the 1920s. After the original owner died in 1934, the estate changed hands several times. For years it stood abandoned until Melius purchased the property in 1984.

The property has since undergone a $40 million renovation. Today, the building is listed on the National Register of Historic Places and is a member of the Historic Hotels of America.