Let me guess - an i7-3820. IF that's the case then update the BIOS to 1104 via USB BIOS Flashback - http://event.asus.com/2012/mb/USB_BIOS_Flashback_GUIDE/ you will need to rename the BIOS to -- SABERX79.ROM -- and you must use the White USB 2.0 port with a non-partitioned FAT32 Flash Drive.
Also make certain the HSF is properly mounted, in most instances the 'LGA 2011' standoff: ==|=== with the shorter part to the MOBO & longer to the HSF assembly. I take for granted both 8/24-pin are installed, compatible RAM in the Light-Brown DIMM slots, etc.
Q - Where are the red LEDs stopping? I assume the CPU or perhaps the DRAM.