In an interview with Buzzfeed, Rapp said Spacey picked him up, put him on his bed and "was trying to get with me sexually." Spacey was 26 at the time.
In response to the allegations, Spacey tweeted that he was "beyond horrified to hear [Rapp's] story."
Spacey tweeted: "I honestly do not remember the encounter, it would have been over 30 years ago.
"But if I did behave then as he describes, I owe him the sincerest apology for what would have been deeply inappropriate drunken behavior, and I am sorry for the feelings he describes having carried with him all these years."
Spacey, who has been famously private about his personal life, said that he now lives as a gay man which marked the first time the actor has made a public statement about his sexual orientation.
"This story has encouraged me to address other things about my life," Spacey said in his tweet. He continued that he has had "relationships with both men and women," and added, "I have loved and had romantic encounters with men throughout my life, and I choose now to live as a gay man."
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