The move comes as 41-year-old star has been linked to a USD 3 billion Malaysian embezzlement scandal.
His rep Shawn Sachs has, however, maintained the scheduling conflict forced the actor to bow out, according to The Hollywood Reporter.
An unidentified source close to the event has claimed the reason DiCaprio backed out was work-related, that his current project will keep him in New York until Wednesday.
The actor is taking his documentary "The Turning Point" to the Toronto Film Festival in September. He is not currently filming a movie as an actor.
"If we could have had the event at his home, we would have loved to. He was gracious enough to find us a new host. We hope to do something with him in the future," Schwerin said.
Celebrity couple Justin Timberlake and Jessica Biel have stepped in as hosts.
The USD 33,400-per-guest event, part of a series of late-August fundraisers for Clinton in Los Angeles, now will be held at Timberlake's residence.
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