The Hollywood actress, 69, had agreed to head the jury for the 2015 Tropfest event in Sydney, Australia next month (Dec15), but it has now been called off less than four weeks before it was due to begin, said the Hollywood Reporter.
Founder John Polson has blamed the cancellation on money matters, and revealed he is now embroiled in a legal dispute over the festival's finances.
"Suddenly, wham, we've got this huge hole (in the finances)," he said.
"I'm not suggesting there's any impropriety here. I honestly don't know. The best I can say now is mismanagement... It's like being in a bad dream. This is 23 years of work. It's a stunning, shocking blow, with really no hint of what was to come...