The 68-year-old actor has been replaced by Christopher Plummer, who will now portray J Paul Getty in the story about the infamous 1973 kidnapping of his grandson, 16-year-old John Paul Getty III, according to The Hollywood Reporter.
The move comes weeks before the release of the film on December 22. The movie, which was scheduled to close the AFI Fest, was pulled off from the event after Scott pressed for it.
Spacey shot for eight days and many of his scenes featured only the actor. Interestingly, Plummer was the original choice for the part but studio bigwigs wanted a bigger name.
The film also stars Mark Wahlberg and Michelle Williams in key roles and the duo are believed to return for reshoots.
"All the Money..." is the latest project to distance itself from Spacey, after streaming giant Netflix suspended the ongoing production of "House of Cards" season six.
Reports suggest the production is reworking the script to wipe out the actor from the show. They also abandoned their plans for the Gore Vidal biopic with the actor in the lead.
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