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\"There is something to be said for a great song that has staying power,\" 76-year-old McLean said in a statement to ABC Audio.

\"'American Pie' remained on top for 50 years and now Taylor Swift has unseated such a historic piece of artistry,\" his statement continued. \"Let’s face it, nobody ever wants to lose that #1 spot, but if I had to lose it to somebody, I sure am glad it was another great singer/songwriter such as Taylor.\"

Swift's 10-minute-plus recording of \"All Too Well\" is featured as a bonus track on \"Red (Taylor's Version),\" which she released Nov. 12.

Video: The evolution of Taylor Swift's music

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