Chun, a former army general, seized power in a 1979 coup and ruled the country with an iron-fist until early 1988. He was arrested in 1995 and received a death sentence after being convicted of corruption, mutiny and treason, though he was pardoned in 1997 in a bid for national reconciliation.
Chun was ordered to pay back 220.5 billion won (USD 203 million) that he had collected from businessmen, but returned only a portion, arguing he's broke, and still owes about 167 billion won.
"I lower my head and offer an apology to the people on behalf of my family" over the money, the son said in a televised news conference before entering a Seoul prosecution office to explain the plans.
He said his father told his family members to cooperate with prosecutors' moves to get back the money. The son said a Seoul house where his father and mother live would be handed over, but he hopes his parents could spend their rest of their lives there.
The son's announcement came after prosecutors summoned some family members and confiscated their assets earlier this year in a renewed push for the money.