According to reports, Christopher Plummer was originally the first choice for Spacey's role, playing John Paul Getty, but studio executives wanted a bigger name.
It is still scheduled to be released on December 22., Variety reported. Mark Wahlberg and Michelle Williams also star in the feature, as J. Paul Getty's lawyer and daughter, and the two are expected to come back for reshoots.
The decision follows more sexual misconduct allegations against the Oscar-winner from a woman who says he touched her 18-year-old son in MA last year. Spacey allegedly bought her son "drink after drink" and then stuck his hand down the teen's trousers and grabbed his genitals. Spacey was set to play the the elder Getty, and the decision to reshoot his role entirely, especially so close to the film's release date, is extremely unprecedented.
Her son did not report the assault at the time, as he was embarrassed and scared, said Unruh.
The mounting allegations of sexual assault involving Oscar-winning actor Kevin Spacey are taking a mounting toll on his career.
The Black List screenplay, written by David Scarpa, centers on the 1973 kidnapping in Italy of J. Paul Getty III - the rebellious teenage grandson of oil billionaire J. Paul Getty, who was reluctant to pay the $17 million ransom demanded by the kidnappers.
The story is the latest in a growing list of accusations of misconduct by the actor.
Sony had announced it was pulling All the Money in the World from the upcoming American Film Institute film festival in Los Angeles.
United States network Netflix has axed further production of Mr Spacey's House of Cards drama, the International Academy of Television Arts and Sciences announced it would no longer give the actor a special Emmy award, and his agent and publicist dropped him as a client.
Spacey is now off getting "treatment" probably the same place Weinstein is, probably watching his career go up in flames all around him.