Destitute Oscar-winner Kevin Spacey sells his home for a massive loss

Fallen Hollywood star Kevin Spacey is broke and has lost his $AU8.6 million home in a dramatic fire sale, copping a mega loss.

At a foreclosure auction in the US, the property went to a buyer – who was not able to inspect it prior – for $AU4.49 million.

Spacey recently told British interviewer Piers Morgan on Piers Morgan Uncensored that he is in financial ruin, but has so far avoided filing for bankruptcy.

The Oscar-winning star of American Beauty, Baby Driver and Seven bought the home in Baltimore, in the US state of Maryland, in the name of a company tied to him 2017 for $US5.65 million.

This week, the hammer dropped at huge reduction, after signals last month of a reprieve. The sale sum for the waterfront property was $US3.24 million.

The sale was handled by Alex Cooper Auctioneers. The agency’s representative Paul R. Cooper told Mansion Global: “There was a nice crowd [and] the price met my expectations.”

Spacey owes “millions” in legal bills, he told Morgan. After the first allegations of sex offences arose, he lost his lead role on political thriller TV series House of Cards, which was filmed in Baltimore.

Through tears, Spacey, who was acquitted of sexual assault charges by a London court in July 2023, told Morgan he faced foreclosure on the Baltimore address.

“I can’t pay the bills that I owe,” he said in the interview, about a month before the auction. When Morgan asked how much money he has, he answered: “None”.

However, is a last-minute twist, local newspaper The Baltimore Sun reported that the address associated with Spacey had been struck from the auction register.

A spokesperson for the auction house told The Sun in June that it had been cancelled. A representative of debt collection firm Weisberg & Conway, which is handled the listing at the time, said the foreclosure auction would be on July 25, the paper reported. That transpired.

When Spacey bought the home, US media reported it was done so in a limited liability company (an LLC) connected to him.

Spacey disclosed the threat of the sale to Morgan.

“It’s funny you ask that question because this week, where I have been living in Baltimore is being foreclosed on,” he said. “My house is being sold at auction. So I have to go back to Baltimore and put all of my things in storage.”

Spacey told Morgan he pushed the boundaries and was “too handsy”, making candid comments in the wide-ranging, almost 90-minute chat, for Morgan’s YouTube channel, which has 2.92 million subscribers.