Lapo Elkann will not face charges for a November incident in which he told a family rep and police that he had been kidnapped in what authorities believed at the time was a bid to get money for a two-day drug binge.

The Manhattan district attorney's office said Wednesday that it had declined to prosecute Elkann and had no further comment.

His attorney, Randy Zelin, said he presented information to prosecutors, who did an exhaustive review before determining no crime had been committed.

'We are very fortunate the district attorney listened to us, and conducted a thorough investigation,' said Zelin.

Soon after the incident, Elkann made the decision to enter rehab, where he has reportedly been for the past three weeks.

'This has been a difficult period for me, but it has also given me time to reflect quietly upon what happened and also about the future,' said Elkann in a statement.

He also said the decision to drop the charges reinforced 'the faith I have always placed in American justice.'

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Takeoff: The Manhattan district attorney's office said Wednesday that it had declined to prosecute Lapo Elkann (above in 2016)

Law enforcement officials reported back in November that Elkan, who is worth a reported $800million, spent the Thanksgiving holiday in a Manhattan housing project, where he was supplied with a steady stream of cocaine, marijuana and alcohol.

But when it came time for Elkann to settle up for the goods and services he had been providedwith during his two-day binge, the cash-strapped millionaire attempted to get his hands on $10,000 by allegedly calling up his family rep and claiming he had been kidnapped.

The family rep immediately called authorities and then Elkann filed a police report, leading to the arrest of 29-year-old Curtis McKinstry on a charge of grand larceny by extortion.

After investigating the matter further however police dropped the charges against McKinstry, and instead charged Elkann with a misdemeanor for falsely reporting an incident.

The incident came 11 years after Elkann overdosed on a mixture of heroin and cocaine while in the company of a 53-year-old transsexual prostitute.

Elkann is one of two sons born to writer Alain Elkann and Countess Margherita Agnelli de Pahlen, whose father Gianni Agnelli was the head of Fiat.

He passed away in 2003 and left behind a fortune reported to be close to $2billion. In the wake of his death, Elkann's older brother John became chairman of the company.

Elkann met up with McKinstry on Thanksgiving night after reportedly contacting a number of escort services in the city.

Room where it happened: Elkann went on a two-day drug binge while holed up at the apartment (above) of a transgender escort

The 39-year-old society fixture, who in 2009 was named to the Best Dressed Hall of Fame by Vanity Fair, headed with McKinstry to her government-subsidized apartment at the Strauss Houses on East 28th Street.

Elkann then proceeded to spend Thursday night, all day Friday and part of Saturday imbibing a mixture of booze, pot and blow according to law enforcement sources.

Then, on Saturday, Elkann allegedly called a representative for his family to inform them that he was being held against his will and needed $10,000 in ransom to be set free by his alleged kidnapper.

That story fell apart less than 24 hours later however according to law enforcement sources, who discovered that Elkann had placed the call to the family rep from his own cell phone.

Police also learned that Elkann had in fact been free to leave the apartment at any time.

He is now set to arraigned in a Manhattan court on January 25 for filing that false report.

The day before he departed for New York City, Elkann posted a video on his Instagram account discussing the business trip he was about to embark on, saying at one point: 'I’ll be seeing many interesting characters in the creative field and in the entrepreneurial field in the next few days.'

It was reported in August that Elkann had proposed to girlfriend Shermine Shahrivar, an Iranian model who he only met this past May at the Cannes Film Festival.

The speculations was fueled due in large part to an Instagram photo posted by the Middle Eastern beauty that showed her wearing a diamond on her ring finger.

Both Elkann and Shahrivar refused to comment on the engagement rumors.

Problem: Reports emerged in August that Elkann was engaged to marry girlfriend Shermine Shahrivar after the Iranian model posted a photo wearing a diamond ring (above)

Deja vu: The incident came 11 years after Elkann overdosed at the apartment of transsexual Italian prostitute Donato Broco, who was known as Patrizia (above)

Two days after Elkann's scandal, the beauty queen posted a message on her Instagram account that appeared to address her boyfriend's legal troubles and alleged dalliance with another woman.

'Until you're broken, you don't know what you're made of. It gives you the ability to build yourself all over again, but stronger than ever,' read the post.

Elkann - who was born in New York City, spent his youth and teenage years in London and at the age of 17 moved to Turin - secured a job in the family business back in 2003 when he was named Fiat's Director of Marketing.

Ladies man: Elkann (above with Uma Thurman in May) said in an interview after his 2005 overdose: ''I am very pissed off with myself because I made a huge mistake, but nobody’s perfect'

He was only in that position for two years however, stepping down after his 2005 overdose in the Turin apartment of transsexual prostitute Donato Broco, who was known as Patrizia in her professional life.

Elkann was just 28 at the time.

He had until that point been the face of Fiat since joining the automobile giant in 2003, and news of his overdose coupled with the company he was keeping at the time made headlines worldwide.

Early reports suggested he had been with his girlfriend of two years, Italian actress Martina Stella, when he overdosed, but those claims quickly proved to be untrue.

The couple split soon after the incident.

Patrizia was just one of three transsexual escorts that Elkann had been partying with that night before falling into a coma, with two other women named Cinzia and Tani also joining the group.

She would later reveal in an interview with Chi that the night of the overdose was the fifth evening she had spent with Elkann, who paid each of the women 1,000 euros according to one report.

Elkann spent two days in a coma, and checked himself in a rehab facility immediately after his release from the hospital.

He later said of the incident in an interview with Vanity Fair: 'I am very pissed off with myself because I made a huge mistake, but nobody’s perfect.'