A displacer assembly for use in a thermal regenerative machine has a housing with a displacer bore configured to carry a displacer in the displacer bore. A flexure bearing assembly is configured to carry the displacer in axial reciprocation within the displacer bore to form a clearance seal there between. A gas spring bore is formed within the displacer assembly and communicates with a gas spring volume defined by a volume forming member. A gas spring piston is carried within the gas spring bore and is configured to form a clearance seal there between. The gas spring piston and the gas spring bore cooperate with the volume forming member to form a gas spring there between. One of the gas spring bore and the gas spring piston is carried in fixed relation with the housing while the other of the gas spring bore and the gas spring piston is carried by the displacer for relative reciprocation there between. A thermal regenerative machine having the above-described displacer assembly is also taught.