Billy McFarland, creator of the failed 2017 Fyre Festival music event, on Wednesday announced that he is selling the Fyre brand after attempting to organize Fyre Festival 2 in Mexico between May 30 and June 2.

McFarland spent several years in prison after failing to deliver what he promised would be a luxury music festival with big-name acts in the Bahamas, ultimately defrauding 80 investors out of $24 million and scamming event ticketholders and staff out of thousands of dollars when they showed up to a glorified campsite with no entertainment.

“FYRE is one of the most powerful attention engines in the world,” McFarland wrote in a Wednesday statement posted to Fyre Festival’s Instagram. “Since 2017, FYRE has dominated headlines, documentaries, and conversations as one of the most talked-about music festivals. We knew FYRE was big, but we didn’t realize just how massive the wave would become. That wave brought us here: to a point where we know it’s time to call for assistance.”

McFarland added that the Fyre brand “deserves a team with the scale, experience, and infrastructure to realize its full potential.”

Billy McFarland visits “Jesse Watters Primetime” at Fox News Studios on Aug. 25, 2023, in New York City. (Theo Wargo/Getty Images)

After the 2017 Fyre Festival’s failure, it went viral on social media when Hulu and Netflix published documentaries about the failed beach bash, making the #fyrefraud hashtag go viral at the time.

The festival reached a settlement with 277 ticket holders in 2021, when it was ordered to pay each recipient an award of $7,220.