Us Weekly says it received a statement from the celebutante-turned-model that she had ended her five-month engagement with Greek shipping heir Paris Latsis.
Hilton told the magazine "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 24-year-old Hilton and 22-year-old Latsis got engaged in spring.
At the time, Hilton told Us Weekly, "I'm so in love and grateful to have found such an honest and loyal person."
Latsis gave Hilton a 24-carat, $5 million diamond engagement ring.
Latsis is a grandson of John Latsis, the last of Greece's shipping billionaires from the postwar boom years, who died in 2003 at 93. In March, Forbes magazine's ranking of the world's richest people listed the Latsis family at No. 54 with a combined wealth of $7.5 billion.