Tara Reid is not going to be walking down the aisle next month after all. The ‘American Pie’ star has called off her wedding to Internet entrepreneur Michael Axtmann months after getting engaged, according to PEOPLE. A statement reportedly released by the actress — though it’s written in the third person — reads: “Tara Reid has confirmed that she will not be moving forward with her May 22 nuptials.”

Reid and Axtmann were engaged in January when he popped the question during dinner at the romantic Little Door restaurant in Los Angeles, prompting applause from other diners.

“Michael surprised Tara with a beautiful round brilliant cut ring,” the actress’s rep said at the time. “Tara was so happy, and the other patrons clapped and yelled out, ‘Congratulations.’”

The actress and Playboy model has not revealed the reason for her canceled plans.

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Even before she got engaged, Tara Reid dreamed about what she might wear when it was finally time for her to take that trip down the aisle. “I’ve always wanted that fairy-tale Cinderella look,” she says. “There’s only one moment in your entire life when you can dress like that, so I want to go over-the-top. A total princess.” To that end, she’s enlisted Rani Totman, of St. Pucchi, to design her gown, and she invited In Touch along on her first tryout. “I’ve been married in movies and stuff,” she says. “But it’s not like this, picking out my own dress. Seeing myself and picturing Michael at the altar, I get butterflies in my stomach.”

The other details of the big day are still being ironed out, but Tara says she and fiancée Michael Axtmann plan to wed “somewhere warm,” with about 200 of their “close friends and family” in attendance. Mostly, the star is looking forward to starting what she calls “the next phase” of her life, including “one or two” kids, maybe starting in the next year. “Every single day,” she says, “it just gets better and better.” Sounds like the beginning of a very happy ending!

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Tara Reid and boyfriend Michael Axtmann were having dinner at The Little Door restaurant in Los Angeles on Monday night when Axtmann asked for something not on the menu: Reid’s hand in marriage.

“Michael surprised Tara with a beautiful round brilliant cut ring,” the actress’s rep tells People exclusively. “Tara was so happy, and the other patrons clapped and yelled out, ‘Congratulations.’”

Reid, 34, and Axtmann, an Internet entrepreneur, began dating last year. They are planning a small wedding for family and friends by this summer.

Reid, who posed for Playboy’s January/February issue, recently completed production on the comedy Last Call and the psychological thriller The Fields.

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Tara Reid became the poster girl for bad plastic surgery as numerous photos of her bad boob job and stomach liposuction surfaced over the past few years.

But Reid, 34, is now having the last laugh as the January 2010 cover girl of Playboy, saying – and proving – that corrective surgeries have removed her scars.

“It didn’t go well, and I got it fixed and now I’m OK and I want people to know I’m OK,” the “American Pie” actress told New York’s WPIX about her years under the knife. “That’s part of the reason why I did Playboy, to show people, ‘Right, look at me. This is how I look now.’”

“I mean, it’s like breaking your arm,” she continued. “I broke my arm and everyone knew about it, and then I got it fixed. And now my arm looks great!”

So why Playboy, and why now? The former wild child said she’s at a much better place than she was during her party hearty 20s.

“I’m in my 30s now and I just feel that I’m at the best age in my life mentally, physically, spiritually,” she said.

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Former partygirl and sometime actress Tara Reid was showing off a massive pink diamond engagement-style ring, sparking rumors she is engaged to her German billionaire boyfriend.

The American Pie star – whose career sunk so low at one time she was hosting a Desperate and Dateless Ball in Darwin, Australia – was overheard talking about her engagement to Michael Axtmann – an internet entrepreneur.

The couple started dating soon after the reformed partygirl finished a 60-day stint in rehab.

They have been spotted holidaying at St Tropez and his home country and were reported to be inseparable.

Reid recently completed a photo shoot for Playboy magazine, where bosses confirmed she’s set to bare all.

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In Touch can exclusively reveal that Tara Reid has stripped down to pose for the cover of an upcoming issue of Playboy magazine.

The American Pie star, who underwent a botched liposuction procedure in 2004, posed entirely nude for the popular magazine at a private residence on October 7 in Santa Monica, Calif.

Although Tara, 33, was a bit nervous shooting, she seemed to ease into it as the day went on. “She was a bit insecure about her body when they first started,” says an insider. “She looked great and finally got into the groove.”

Tara had said in the past that she would never pose for Playboy, saying, “I know there are problems with my stomach. There are bumps on it, it’s uneven, but it’s not that bad. My stomach scars are my battle wounds.”

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Actress Tara Reid joins the NO H8 Campaign fighting against the ban on gay marriage in California. The photo was shot by photographer Adam Bouska. Reid joins other celebrities in the campaign including Ashlee Simpson, Pete Wentz, Aubrey O’Day, Emmy Rossum, Kathy Griffin and Shanna Moakler.