Five-time MotoGP World Champion Valentino Rossi has agreed to pay millions in unpaid taxes to Italian tax officials, settling a dispute that erupted late last year. The dispute arose over the 28-year-old Italian’s assertion that he resided in London, England from 2001 to 2007. An investigation by Italy’s tax officials, however, contested that Rossi was living in his home town of Tavullia. Originally, the Italian tax authorities sought $180 million from Rossi, but Rossi has agreed to pay approximately $50.9 million, according to a posting on MotoGP’s official website. The settlement deal was announced Tuesday in a press conference in Rome. “For several reasons I’ve already decided to return to live in Italy,” Rossi was quoted as saying on CNN.com. You can read the CNN.com story here: ~http://edition.cnn.com/2008/SPORT/02/12/motor.rossi/~ The press conference was also attended by Tax Office General Director Massimo Romano, who spoke to the media, praised Rossi for his cooperation and was photographed shaking hands with Rossi. Rossi is Italy’s highest-paid athlete and is number four on Sports Illustrated’s 2007 “International 20,” for top-earning non-American athletes, with an estimated income of $30 million. Spanish Formula One driver Fernando Alonso tops that list with earnings of $35 million.