Lord McAlpine's counsel, Sir Edward Garnier QC, said the peer had nothing but sympathy for Newsnight interviewee Steve Messham and for other boys who suffered abuse.
Mr Messham withdrew his allegations and apologised having been shown a photo of the former minister after the infamous programme aired.
Sir Edward Garnier QC, said Lord McAlpine wished it to be known that he generally held the BBC in great esteem. But he said the Newsnight allegations had not only caused him great distress and embarrassment, but had affected him to his soul.
More top news
Molly Smith, 5, won £500 after her accidental selfie with a snowman caught the attention of competition judges.
Harry Street, formerly Barry Williams, shot dead five people in a spree across the West Midlands in 1978.
The Interview, the Sony film about a fictional plot to assassinate North Korean leader Kim Jong Un, has made more than $15m in online sales.