Rights to Fyre Festival sell for $245K on eBay
The sale included IP, brand trademarks and social media assets.
The auction received a total of 175 bids with the final bid coming in early Tuesday afternoon.
Organizer Billy McFarland announced he was selling the brand in April, roughly a week after Fyre Festival 2 was postponed indefinitely and refunds were issued.
'Damn. This sucks, it's so low,' McFarland said during a livestream of the auction after the bids went over $240,000.
McFarland said a brand bought the rights, but did not disclose the mystery buyer.
Fyre Fest became a world-wide sensation for all the wrong reasons after its disastrous 2017 debut. The music festival promised a luxury experience in the Bahamas featuring big-name bands and A-list attendees. Instead, groups like Blink-182 canceled and ticketholders were forced to stay in flimsy disaster relief tents and eat thrown-together cheese sandwiches.
The fiasco inspired dueling streaming documentaries and a host of criminal cases.
McFarland pleaded guilty to wire fraud and other federal charges related to the festival and was released early from prison in 2022.
He resumed work on a second festival on a private island in Mexico, but that ultimately fell apart, too.
'After two years of rebuilding FYRE with honesty, creativity and relentless effort, it's time to pass the torch,' McFarland wrote at the time on the festival's Instagram account.
McFarland, who owes $26 million, said proceeds from the auction would go toward restituation.
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