before doing anything - soak the nut with penetrating oil for as much time as you can wait.
Since you said there's a small gap you could fit a hacksaw blade into, under the nut...
then what I would do is force a flat screwdriver into that gap, wedging it in hard, and try to pry up against the nut as you turn the nut with a wrench.
Sometimes that upward force can help many problems. If the stud is stripped under the nut, it will help the nut catch on the next available thread up.
If the stud is just spinning, it might help lodge it against the side and hold well enough to turn the nut.
Or, if there's enough of the stud protruding past the nut, you can hold that open end of the stud with vice-grips as you turn the nut - just be careful not to damage the threads too badly since you need to get the nut all the way off.
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