President Donald Trump is parting ways with Tim Tebow — or at least an autographed football helmet of the former Denver Broncos quarterback.

The President on Tuesday agreed to shut down his personal charity as the state attorney general of New York pursues allegations that Trump used the Donald J. Trump Foundation for his personal benefit over the last decade as well as illegally using it to boost his presidential campaign in 2016.

In an agreement with New York Attorney General Barbara Underwood, Trump agreed to distribute the foundation's remaining financial assets — totaling around $1.8 million at the end of 2017, according to tax forms — to other nonprofit organizations. The foundation will also be required to sell its remaining assets and donate the proceeds.

The foundation owns three items: two large portraits of Trump and the Tebow football helmet. Trump bought the autographed helmet at a charity auction in 2012 for $12,000 and he made a big splash in the gossip columns posing with it.

More:Donald J. Trump Foundation agrees to dissolve in deal with New York attorney general

But the Washington Post revealed in a 2016 story that Trump didn't actually pay for the helmet with his own money. Instead, he used money from his foundation, which had mostly been backed by other peoples' charitable donations.

In all, the Trump foundation spent $42,000 total on one helmet and two portraits. He now values the three items at a combined $975, according to a recent Internal Revenue Service filing.

As it happens, Tebow played his last game in the NFL in the 2012 season with the New York Jets after he was traded following two seasons with the Broncos. He now plays minor league baseball for the Binghamton Rumble Ponies — the New York Mets' AA affiliate in the Eastern League.

It's fair to say Tebow's helmet isn't the only thing that's dropped in value.

Follow USA TODAY Sports' Ellen Horrow on Twitter @EllenJHorrow.