Hotel heiress Paris Hilton has released a statement to US Weekly announcing her engagement to Greek shipping heir Paris Latsis is over.

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"I'm sad to announce that I've called off my engagement," the statement said. "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 had no comment Friday.

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Hilton started sporting a 24-carat, $5 million engagement ring in May after a whirlwind courtship.

The pairing, however, was dogged by tabloid reports that Latsis' parents disapproved of the relationship.