WWW- Paris Hilton has ended her five-month engagement to her Greek shipping heir boyfriend, it was reported yesterday.

The celebutante-turned-model broke off her wedding plans with Paris Latsis, according to a report posted last night on Us Weekly’s Web site, which quoted a statement it said Hilton released to the magazine.

“I’m sad to announce that I’ve called off my engagement,” Hilton 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.”

The break-up comes as no surprise.

The Post’s Cindy Adams reported Thursday that Hilton’s parents, Kathy and Rick, were overheard complaining about Latsis recently during a private dinner at a New York restaurant.

During the conversation, Kathy said she was “not thrilled with this Latsis kid because of his values. He lives in a $12 million house in Beverly Hills and has no job.”

Her husband Rick was also heard saying, “Why isn’t [Latsis] working? Even in his family’s business?”

That’s when Kathy replied, “Thank God she’s stopped seeing him regularly.”

Paris Hilton is best known for taking part in the TV reality show, “The Simple Life” with former friend Nicole Richie, who is the daughter of singer Lionel.

Hilton’s publicist did not immediately return a call for comment.

Hilton, 24, and Latsis, 22, became engaged last spring.

“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.”

Latsis gave the hotel heiress a 24-carat, $5 million diamond engagement ring.

It was not immediately clear what would happen to the ring.