Fyre Festival Founder Billy McFarland Sells Brand for $245K Amid $26M Debt to Victims
📷 Image source: i.insider.com
Billy McFarland, the disgraced founder of the infamous Fyre Festival, has sold the rights to the failed event's brand for $245,000, according to court documents. Despite the sale, McFarland remains on the hook for $26 million in restitution owed to defrauded investors, vendors, and ticket holders. The buyer, whose identity remains undisclosed, now owns the intellectual property associated with the ill-fated luxury music festival that collapsed in 2017. McFarland, who served four years in prison for fraud, has been attempting to repay his debts through various ventures, including a since-abandoned plan for a 'Fyre Festival II.' Legal experts suggest the sale will do little to alleviate his financial obligations, as the proceeds are likely a fraction of what he owes. The Fyre Festival debacle, once marketed as a high-end experience in the Bahamas, became a symbol of corporate greed and deception after attendees arrived to find inadequate food, lodging, and infrastructure.
