"Bad deal. Wanted me to cut ribbon-NO!" the USA president added.
Though Trump was expected to come through next month to open the new USA embassy, but government sources have reportedly revealed that it'll actually be Secretary of State Rex Tillerson doing the honours.
The Mail said that a senior source said the Trump visit was cancelled as he was unhappy about the "arrangements and scale of the visit".
The move came after concerns were raised that mass protests might break out against the president who had been slated for a "working visit" to the country for the embassy's opening.
UK Prime Minister Theresa May invited Trump for a state visit when she met with him at the White House soon after he took office a year ago.
Trump told reporters in July at the G-20 summit he would be visiting London eventually.
But now Mr Trump has made a decision to postpone even the scaled-down February visit.
The move to relocate the USA embassy to Nine Elms has been in the works for years, stretching back to 2008 when the State Department under President George W. Bush announced that it signed an agreement with a real estate developer to purchase the property. The investors have sought approval to turn the building into a hotel, according to the project's website.
Mrs May said she disagreed with that USA decision, which she deemed "unhelpful in terms of prospects for peace in the region".
His itinerary had included a meeting with British Prime Minister Theresa May and possibly the queen.
The $1 billion construction, overlooking the River Thames, was wholly funded by the sale of other properties in London.
Last month Labour leader Jeremy Corbyn called for his supporters to go out in force to send Mr Trump a "clear message" that he is not welcome if he comes to the UK.