Fyre sale.

The second edition of Fyre Festival was officially called off by Billy McFarland on Wednesday, as he announced plans to sell the Fyre brand, signaling the end of the ill-fated music festival.

The announcement of the sale, which comprises the company’s assets like trademarks, intellectual property, digital content, audience reach, and cultural significance, was made through Fyre Festival’s Instagram and website.

Just a week prior to this development, Fyre Festival had briefly posted, then removed, a message on their website stating that the festival was being postponed with intentions to reschedule it for a later date. Originally scheduled for the end of May in Playa del Carmen, Mexico, the event faced complications due to a disagreement with the venue.

Organizers then attempted to put out the PR fire, telling the world, “FYRE Festival 2 is still on.”

“We are vetting new locations and will announce our host destination soon. Our priorities remain unchanged: delivering an unforgettable, safe, and transparent experience.”

Wednesday’s announcement struck a slightly less optimistic tone, only implying that Fyre Festival 2 would happen at some point in the future — provided the brand gets purchased. In other words: the event was in ashes.

“This brand is bigger than any one person and bigger than what I’m able to lead on my own,” McFarland, 33, wrote. “It’s a movement. And it deserves a team with the scale, experience, and infrastructure to realize its potential.”

The original Fyre Festival, co-organized by Ja Rule, ended disastrously back in 2017. Attendees who paid thousands of dollars for tickets arrived in the Bahamas expecting a luxe celebrity experience only to be stranded with no musical acts, no electricity, no running water and a limited supply of cheese sandwiches and FEMA huts to nourish and shelter them.

In 2018, McFarland pleaded guilty to two counts of wire fraud after the federal government determined he had defrauded investors out of more than $26 million. He was ordered to pay the full amount in restitution and sentenced to 6 years in prison, but was released in 2022 after serving just 4 years.

McFarland previously said he had the idea for launching Fyre Festival 2 during a 7 month stint in solitary confinement.

On Wednesday, the felon chalked up his decision to bring back the ill-fated event to two motivating impulses: “finishing what I started and making things right.”

“Over the past two years, we’ve poured everything into bringing FYRE back with honesty, transparency, relentless effort, and creativity,” McFarland explained.

“We’ve taken the long road to rebuilding trust. We rebuilt momentum. And we proved one thing without a doubt:‍ FYRE is one of the most powerful attention engines in the world.”

The entrepreneur, however, glossed over why Fyre Festival is such a “powerful attention engine,” stating, “Since 2017, FYRE has dominated headlines, documentaries, and conversations as one of the world’s most talked-about music festivals.

“We knew that FYRE was big, but we didn’t realize just how massive the wave would become. That wave has brought us here: to a point where we know it’s time to call for assistance,” he confessed.

“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 realize its vision.”

The statement did not mention whether refunds would be available for those who purchased tickets for Fyre Festival 2, which began at $1,400 and went up to $1.1 million for premium packages.

McFarland claimed there is a “clear path for operators and entrepreneurs with strong domain expertise to build FYRE into a global force in entertainment, media, fashion, CPG, and more.

“Giving control of the brand to a new group is the most responsible way to follow through on what we set out to do: build a global entertainment brand, host a safe and legendary event, and continue to pay restitution to those who are owed from the first festival.‍”

He added, “In addition, following the challenges we faced in Mexico, we were approached by several Caribbean destinations eager to host FYRE Festival 2. We dove into the process—meeting with national officials, conducting site visits—and we’re confident we’ve found the ideal location for the festival.”

Referring to last week’s news about Fyre losing its location in Playa del Carmen, McFarland said, “While I’m incredibly excited, I can’t risk a repeat of what happened in Playa Del Carmen, where support quickly turned into public distancing once media attention intensified.”

He admitted, “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.

“I’ve stood by my team, our partners, and our fans since Day 1 of FYRE Festival 2. Giving control of the brand to a new group is the most responsible way to follow through on what we set out to do: build a global entertainment brand, host a safe and legendary event, and continue to pay restitution to those who are owed from the first festival.”

McFarland signed off, “To the supporters, believers, and builders who’ve stuck with my team and me: thank you. We will pick the new group based on their ability to execute the vision of FYRE in a transparent, grand, and expeditious manner. The next chapter of FYRE will be bigger, better, and built to last without me at the helm.”