A red-faced auction house was forced to withdraw a letter it believed was written and signed by the late President Ronald Reagan while he was suffering from Alzheimer's disease after it discovered it was a forgery.

The autographed letter was supposed to be auctioned off this month, but Bill Panagopulos, president of Alexander Autographs in Greenwich, Conn., told CBSNews.com the letter was withdrawn after the forger came forward and admitted his handiwork.

Originally it was believed Reagan wrote the note to a friend in February of 1998, about four years after he mostly disappeared from public view following his announcement that he had Alzheimer's Disease. In the letter he told a friend, "Individuals like you give me the courage and inspiration to move forward, and with your prayers and God's grace, we'll know we will be able to face this long latest challenge." He adds a P.S: "I didn't write this with Nancy's help."

But Panagopulos said the letter was actually a form letter that Reagan wrote in 1994 to thank those who expressed sympathy for his affliction. Reagan had hundreds copied onto his official letterhead.