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Billy McFarland, known for the ‘Fyre Festival’, has sold the brand’s IP (intellectual property) on eBay for $245,300. He still owes $26 million in restitution. According to an article from Euronews, the auction received 175 bids and included trademarks, intellectual property, and social media accounts related to the Fyre brand. The identity of the buyer is, at of this moment, remains a mystery. During a livestream of the auction, McFarland expressed disappointment with the final price, saying it was lower than he expected. According to another article, this time from Rolling Stone, this sale will not significantly reduce his remaining restitution amount.
After the auction for the IP, Billy McFarland discussed his future plans, stating, “Fyre Festival is just one chapter of my story, and I’m excited to move on to my next one.” Also, he noted the importance of attention in the digital world, saying, “The auction became the most-watched non-charity listing on eBay during its run, proving once again that attention is currency, and views are the root of attention. That belief is at the core of what I’m building next”. McFarland then added that he is now developing a technology platform to capture and enhance the value of online views. In 2018, McFarland received a six-year prison sentence for wire fraud related to the Fyre Festival. He was released early in 2022 and has tried to relaunch the festival several times, but these efforts have not succeeded.
