Trump defaulted on $287M in bank loans, new report shows

The New York Times reported that Donald Trump failed to repay millions in loans, mostly for a massive skyscraper project in Chicago.
3:07 | 10/28/20

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Transcript for Trump defaulted on $287M in bank loans, new report shows
George, now to two new reports on president trump's finances claiming he failed to repay millions in loans as a businessman and whi in office he funneled million of taxpayer dollars to properties like his private Florida club mar-a-lago. Cecilia Vega has those details for us. Good morning, Cecilia. Reporter: Hi, robin. Good morning. You know this, the president calls mar-a-lago his winter white house but this morning the new report suggests American taxpayers may have been footing a very hefty bill for all his trips there. Since taking office president trump has made 300 trips to his own hotels and clubs like mar-a-lago and this morning "The Washington post" says those trips have given his private businesses a big boost to their bottom line. According to "The post" the businesses charge for everything from ballroom and golf cart rentals to decorative palm trees and pricey bottles of booze all to the tune of more than $8 million. "The post" says taxpayers ended up footing the bill for at least $2.5 million. Also this morning, "The New York Times" reporting that while president trump used his reputation as a billionaire businessman to help propel him to the white house as a businessman he failed to repay some $287 million in loans. The vast majority for a massive skyscraper project in Chicago. The times says Mr. Trump borrowed more than 700 million to fund the construction. He highlighted it on his show "The apprentice." I intend to erect a modern mastpiece of steel and glass. Reporter: No matter how hard he tried to hype it in the midst of the 2008 crisis storefronts remained vacant and according to "The times," the "Art of the deal" author walked away from his debt. He got a series of loan extensions even suing his bank, ultimately ending in a private settlement. The bank large letting him off the hook.

This transcript has been automatically generated and may not be 100% accurate.

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