Place the potatoes into a large pot and fill with enough water to cover. Bring to a boil and cook until tender enough to pierce with a fork. Drain, cool enough to handle, and cut into cubes.
Meanwhile, cook bacon in a large skillet over medium heat until browned and crisp. Remove from the pan with a slotted spoon and drain on paper towels. Reserve bacon grease.
In a large bowl, combine the potatoes, sour cream, mayonnaise, mustard, green onions, olives, eggs, Italian seasoning and ranch dressing. Crumble the bacon into the bowl and pour half of the reserved bacon grease over all. Stir gently until everything is evenly distributed. Garnish with a dash of paprika before serving.