Paris Hilton Auctions Off Engagement Ring

(andPOP) - Paris Hilton auctioned off her $5-million engagement ring to help the Hurricane Katrina victims.

The 24-carat diamond engagement ring was sold for less than half the price that Paris Latsis paid.

Hilton, 24, and Latsis, 26, split up earlier this month. Hilton claimed she wasn?t ready for marriage.

Us Weekly reported a statement by Hilton saying, ?I?m sad to announce that I?ve called off my engagement. Over the past couple of 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.?

"I have seen the breakups between people who love each other and rush into getting married too quickly and I do not want to make that mistake," Hilton said in a statement, reports Reuters.

?I'm still young and have a very active career that I'm not prepared to give up. I've worked very hard to get to where I am. Paris is a great guy and we will handle this with dignity and respect. I love Paris. He is my best friend and it will be that way forever. This man treated me as no man ever has. We will also be business partners and have movies in the works," the statement said.

Hilton and Latsis got engaged in May. After calling off the 5 month engagement, Latsis gave the hotel heiress the ring.