It was also announced that the 58-year-old actor, who was meant to be honoured by the International TV Academy with an Emmy Founders Award in November, will no longer receive his Emmy Award.
Rapp, 46, told Buzzfeed that in 1986, while both he and Spacey were performing on Broadway, Spacey invited the then 14-year-old to a party at his NY home.
In an essay for the Daily Beast, reporter Ira Madison III called Spacey's decision to come out of the closet "all the more cold and calculated", seeing as he must know it could change the subject in the wake of Rapp's allegations.
"Coming out stories should not be used to deflect from allegations of sexual assault", said Sarah Kate Ellis, president of the pro-LGBT media monitor organization GLAAD.
That raises the prospect that season 6 of House of Cards could swiftly do away with Spacey's character, Frank Underwood, and refocus the show around his wife Claire Underwood, played by Robin Wright.
But rather than tempering an uproar over the allegation, Spacey's combination of an apology with a statement going public about his sexual orientation stirred a backlash against the actor as Hollywood found itself embroiled in yet another sex scandal.
More details to come.
He went on to state: 'That said, I take reports of such behavior seriously and this is no exception.
Casting for the next season of House of Cards is understood to be commencing in November, so expect the leaks and rumours to start flying shortly.
Eric Bolling's Son's Official Cause of Death Revealed
The younger Bolling had a history of drug abuse, and a "white powdery substance" was found at the scene, according to the report. In tweets Thursday, Eric Sr. also wrote: "We must fight against this national epidemic, too many innocent victims".
10-year-old takes parent's vehicle on a joyride
According to the Cleveland Police Department, the boy left his mother's home on Hadley Road in Cleveland around 9 a.m. Other motorists spotted him October 16 on Interstate 90 near West 117th Street after taking his mother's auto .
Love Jihad: Hadiya told to appear in SC on Nov 27
She was never under house arrest. "Although this direction comes quite late, I am happy that the court has taken the decision". She was allegedly recruited by the Islamic State terrorist group and her husband was only a stooge.