Spacey, 58, is accused of alleged sexual advances by 46-year-old actor Anthony Rapp, in an incident that is claimed to have occurred more than three decades ago.
The US actor responded to the allegation on Twitter on Monday, apologising for what he says would have been "deeply inappropriate drunken behaviour", but did not confirm or deny if the incident took place.
“I have a lot of respect and admiration for Anthony Rapp as an actor. I’m beyond horrified to hear his story. I honestly do not remember the encounter, it would have been over 30 years ago,” he wrote.
“But if I did behave then as he describes, I owe him the sincerest apology for what would have been deeply inappropriate drunken behaviour, and I am sorry for the feelings he describes having carried with him all these years.
“This story has encouraged me to address other things about my life. I know that there are stories out there about me and that some have been fuelled by the fact that I have been so protective of my privacy.
“As those closest to me know, in my life I have had relationships with both men and women. I have loved and had romantic encounters with men throughout my life, and I choose now to live as a gay man. I want to deal with this honestly and openly and that starts with examining my own behaviour.”
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Spacey's tweet follows Rapp's accusation , in which Rapp claims a then 26-year-old Spacey tried to "seduce" him when the former was 14 years old.
He alleges while attending a party at Spacey’s apartment in Manhattan, he was the only non-adult present.
Rapp went into the bedroom and watched television because he was bored before Spacey appeared at the door.
“My memory was that I thought, oh, everybody’s gone. Well, yeah, I should probably go home... My impression when [Spacey] came into the room was that he was drunk," Rapp said.
"He picked me up like a groom picks up the bride over the threshold. But I don't, like, squirm away initially, because I'm like, 'What’s going on?' And then he lays down on top of me.
"He was trying to seduce me. I don't know if I would have used that language. But I was aware that he was trying to get with me sexually."
to shine a light and hopefully make a difference, as they have done for me. 2/3
Everything I wanted to say about my experience is in that article, and I have no further comment about it at this time.
Rapp claims he then pushed Spacey off him and left the apartment.
"The older I get, and the more I know, I feel very fortunate that something worse didn't happen," he stated.
"And at the same time, the older I get, the more I can't believe it. I could never imagine [that] anyone else I know would do something like that to a 14-year-old boy."
Spacey has starred in political drama 'House of Cards' as well as the films 'LA Confidential', 'The Usual Suspects' and 'Baby Driver', and won an Academy Award for best actor for his role in 'American Beauty', while Rapp reprised the role of Mark Cohen in the Broadway production of 'Rent' and has since featured in the show 'You're a Good Man', 'Charlie Brown' and the television series 'Star Trek Discovery'.