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Fyre Festival is set to be sold by founder and convicted fraudster Billy McFarland just days after the second edition of the event was postponed indefinitely.
McFarland is looking to sell the Fyre Festival brand, claiming it is “one of the most powerful attention engines in the world” in a lengthy statement on the event’s website posted yesterday (Wednesday).
It was announced in February that Fyre Festival would return with a second edition on Isla Mujeres, an island off Cancun, Mexico. However, the tourism directorate said that local officials had no knowledge of the event. Plans then changed as the event was set to head to Playa Del Carmen, though this too went quiet.
McFarland shared in his statement that several Caribbean destinations were “eager” to host Fyre Festival 2. He added that stepping away from the event would also help to prevent a similar situation with Playa Del Carmen, “where support quickly turned into public distancing once media attention intensified”.
“This brand is bigger than any one person and bigger than what I’m able to lead on my own,” wrote McFarland.
“It’s a movement. And it deserves a team with the scale, experience, and infrastructure to realise its potential.
“We have decided the best way to accomplish our goals is to sell the Fyre Festival brand, including its trademarks, IP, digital assets, media reach, and cultural capital – to an operator that can fully realise its vision.”
He added: “For Fyre Festival 2 to succeed, it’s clear that I need to step back and allow a new team to move forward independently, bringing the vision to life on this incredible island.”
The first edition of Fyre Festival was billed as a luxury music event over two weekends on a private beach in the Bahamas in 2017, organised by McFarland and American rapper Ja Rule.
It was promoted on social media by some big names, but during Fyre Festival’s first weekend, the event experienced issues related to security, accommodation, food, medical services and more. The festival was eventually cancelled.
McFarland was sentenced to six years in prison in 2018 after pleading guilty to two counts of wire fraud. He was released in March 2022 after serving less than four years.