Wow, looks like they simply forgot to build a floor in there! What a space! Have you thought about having an extra floor built in? With a door in the wall above the entry and an open plan with banisters like the staircase. Great place to put a pooltable.

I have never like a soaring ceiling and have one myself although not as high as yours. Those long drapes must have been expensive but I think they exaggerate the height of the room. Have you considered painting the top half of the room a darker color to break up the space and make the lower part of the room cozier? I don't think it's the shape of the room that's the problem, but rather the extreme ceiling.

You need to lower the chandelier .

The room is so disproportionate, that it's difficult to address. I wonder if you might consider a loft, but this is a tough one.

I think you need an even larger lowered chandelier. Check out Restoration Hardware. That is where we purchased our large fixture that hangs at the top of an A frame ceiling.

I would stain the stair railing to match the floor and remove the massive window treatment and keep the pretty shutters. Think about not trying to match upholstered furniture to the neutral walls.

If you think of the room as a lounge and use a couple of high backed chairs you can pull it off. Use a simple rug in a rich color not in the Brown family. Paint out the brown boxes and incorporate into the paint scheme. Remove the medallion and instead lean a TALL mirror here. Secure it with brackets and picture wire so it will not slip. Use one tall and one lower height chair with a small table between in front of your mirror. Replace the sofa with a day bed or chaise (or a smaller curvy love seat with exposed wood frame. Place it at an angle in Be sure the angle is not a perfect 45 degrees. Don't use a coffee table but a few small round tables (a garden seat, an ottoman......) By using small pieces you'll have a larger looking room. Take the art work down from between the windows. Take the drapes down all together. Hang photos, prints and an object or two on that wall. Use a tall lamp and another table lamp. If you like the idea you could have a pair of adjustable arm light fixtures installed on the panels that are now brown. Focus these on objects located on the floor like a tall vase/s.