In a large pot over medium high heat, add the olive oil and heat until shimmery. Add the potato and begin to brown, stirring occasionally, for about 10 minutes. Then add the onion, carrot, celery, garlic and red peppers. Saute until the onions are softened, another 10-15 minutes.
Stir in the smoked paprika and chili powder. Deglaze the pot with the red wine vinegar. When the liquid has mostly evaporated, add the chopped beets and beet juice. As the beets soften and cook, use the back of a wooden spoon to crush the beets, potatoes and carots into a mushy consistency.
Pour in 2-3 cups of chicken broth. Bring to a rolling simmer and cook for 20-30 minutes uncovered. When the liquid has reduced by nearly half, add the remaining 1-2 cups of chicken broth.
Use an immersion blender to blend into a smooth consistency. Continue to simmer for additional 10-15 minutes, until a thick soup has formed. Season with salt and pepper, to taste. The soup will thicken as it cools. Serve topped with sour cream and fresh parsley. Happy Halloween!