Billy McFarland’s attempt to offload the Fyre Festival crashed and burned this week after a multimillion-dollar agreement suddenly unraveled, leaving the controversial entrepreneur scrambling once again.

The failed deal, reportedly worth seven figures, would have transferred full ownership of the Fyre name and intellectual property to filmmaker Shawn Rech, who aimed to relaunch the brand as part of a music-centric streaming platform.

But on day five of what McFarland described as a daily “walk and talk” grind to salvage an agreement the deal fell apart.

“We had a seven-figure deal for the complete Fyre brand and IP package that fell through this morning,” McFarland said in a video posted to social media.

McFarland had remained quiet in recent days, hoping to give the acquiring company time to announce the purchase and allow his team to unveil what they had been working on.

“I was staying quiet for a few days to help maximize the acquiring company’s announcement and also to help maximize the announcement of what the Fyre team has been building,” he said.

The brand was officially listed for sale in April 2025, following a string of complications surrounding the planned Fyre Festival 2.

The Fyre Festival 2 was originally scheduled for May 2025 in Mexico, but it was delayed due to permit issues and logistical setbacks, including a denial from officials that the event was even taking place.

That postponement triggered the decision to sell the entire Fyre brand.

If a new buyer emerges, McFarland has said he’s willing to step aside from any formal role, though he’s open to consulting if asked.

The Fyre Festival name became infamous after the original 2017 event collapsed into chaos, leaving attendees stranded in the Bahamas without food, shelter or performances.

McFarland was later convicted of defrauding investors and ticket buyers out of more than $26 million.

He was sentenced to six years in federal prison in October 2018 but was released in March 2022, having served less than four years.

Despite the brand’s toxic legacy, McFarland has continued pushing for a comeback, even teasing new ventures and partnerships. But with this latest deal falling through, the future of Fyre remains uncertain.