Paris Hilton and Paris Latsis Split  10/2/05

Paris Hilton has called off her five-month engagement to Greek shipping heir Paris Latsis, according to reports.

American magazine Us Weekly claims to have received a statement from the socialite announcing the split.

The statement reads, "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."

The pair got engaged earlier this year (05) after a whirlwind romance.

Latsis, 22, gave 25-year-old Hilton a $5 million 24 carat diamond engagement ring.