Your image has blown channels. Try the recovery slider in ACR , or use the Apply Image command to to blend in a parts of the good channels. Duplicate the background layer, and change the blend mode to luminosity - color in background, luminosity in duplicate layer. Rebuild channels in the duplicate layer.
Replace the blown out areas in the red channel with highlights from the green or blue channel using a copy of the original layer set to the luminosity blend mode. I believe channel blending is covered in a Dan Margulis book somewhere - I may have seen this in his video series on Kelby.
Another possibility is to add a channel mixer adjustment layer in luminosity mode and add more green to the red channel.
Plus 1 to newhaven's post. I don't know which camera you shoot, but my Canon's always blow the red channel first. I tend to review the red histogram and adjust accordingly in these scenarios. - Paul
