Movie cast agreed to re-shoot all scenes involving Spacey, who played the part of a reclusive, aging oil tycoon and donned heavy makeup and prosthetics and replacing him with actor Christopher Plummer.
Director Ridley Scott plans to meet the December 22 release date.
That date may still change, but Mark Wahlberg and Michelle Williams are returning to reshoot the scenes, and the race is on to hit the now extremely tight deadline. It had already been pulled from its premiere next week over the mounting allegations against Spacey.
Heather Unruh claimed that her son, who was 18 at the time, was "star struck", during a chance encounter with the actor at the bar in July 2016. Spacey allegedly bought her son "drink after drink" and then stuck his hand down the teen's trousers and grabbed his genitals.
The film is scheduled for a December 22 release, giving the film's producers less than two months to completely redo all of Spacey's scenes.
Unruh said her son panicked and was unable to remove Spacey's hand from his trousers.
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The decision to erase Spacey comes after a string of allegations about the actor's predatory sexual behaviour.
Based on a true story, All the Money in the World details the harrowing 1973 kidnapping of J. Paul Getty's 16-year-old grandson, J. Paul Getty III (Charlie Plummer, no relation), and Getty's refusal to comply with the kidnappers' demands.
Though there have been other historical instances where an actor has been replaced during a film's production, recasting a role or conducting extensive reshoots after a film has wrapped is rare, and usually only happens to this extent in the case of an unexpected death - for example, Paul Walker's brothers standing in for reshoots of Furious 7 after his death. One challenge for such VFX work is that many of Spacey's scenes were shot in different locations.
U.S. 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.
He apologized on October 30 to actor Anthony Rapp, the first person to accuse Spacey of sexual assault.
Spacey's representatives say he is seeking unspecified treatment.