Paris Hilton has decided to call it quits with Greek shipping heir Paris Latsis, ending their five-month engagement.
Hilton released a statement to Us Weekly, which was posted on their site Friday night.
Hilton stated, ?I’m sad to announce that I’ve called off my engagement. Over the last couple months I’ve realized that this is the right decision for me. We remain best of friends, and I’ll always love him. I hope people will respect my privacy during this emotional time.”
Latsis, 22, proposed to Hilton, 24, with a 24-carat, $5-million diamond engagement ring in May after 8 months of dating.
“I’m so in love and grateful to have found such an honest and loyal person,” she told Us Weekly at the time. “I feel like we were meant to be, and I’m happy to have found someone to spend the rest of my life with. He’s amazing in every way.”
There is no word what would happen to the ring.

