"once upon a time" is a classical expression used when writing a tale, just to start narrating something that happened in the past. It's a way to place events in the past. See what I mean?
Children's storybooks usually start that way.
It's not used for statements like this.
"it might not be reduced to the grave." is a bit too literal, and because of that it's meaning not very clear. I would suggest instead "it will not diminish until the grave."