Donald Trump's empire will be dismantled and its key assets, including his personal yacht, will go to a syndicate of banks that lent the embattled financier $2 billion nine months ago, The New York Times reported Thursday.

The newspaper reported that many of the banks in the Citicorp-led loan syndicate were close to signing tentative agreements that would give them some of Trump's assets.The $2 billion agreement entered nine months ago was created to keep Trump's empire afloat, but key lenders decided to back out in the face of the Manhattan real estate tycoon's continued finanical struggles, the Times said.