“King of Debt” Donald Trump’s US business empire holds at least $650 million in debt

, 1:13 AM IST

Washington: Donald J. Trump companies are carrying debt of at least $650m (£497m) more than double the amount that he disclosed in public records. The Times’s inquiry also found that Mr. Trump’s fortunes depend deeply on a wide array of financial backers.

An office building on Avenue of the Americas in Manhattan, of which Mr. Trump is part owner, carries a $950 million loan. Also, some of Trump’s corporate debt is owed to financial institutions like the Bank of China.

In 2015, Trump borrowed $160 million from Ladder Capital, a small New York firm, which his financial-disclosure form simply lists as valued at more than $50 million.

The Trump Organization’s chief financial officer Allen Weisselberg, said that neither Trump nor the company was responsible for these debts.

The Federal Election Commission (FEC) form asks the candidates to disclose their assets and debts in ranges up to $50 million. In late July, the FEC released a 92-page personal-financial-disclosure report for Trump who turned politician. While the report still didn’t completely detail Trump’s supposed wealth, a statement released by the campaign claimed it would reveal a “massive” net worth “in excess of” $10 billion.

Trump’s net worth and debts, the nominee has recently come under fire for refusing to release his tax returns.