Moreover, he was a party to the original agreement with Francisco Pizarro and Diego de Almagro which brought about the discovery of Peru, but he withdrew (1526) for a small compensation, having lost confidence in the outcome. In the same year, he was superseded as Governor of Panama by Pedro de los Ríos and retired to León, Nicaragua, where he was named its new governor on July 1, 1527. Here he lived for the rest of his life until he died at the age of 91 on March 6, 1531.