Fyre Fest founder McFarland sued by PYRT investor

Fyre Festival founder Billy McFarland is being sued by an investor in his new venture, PYRT.

Fans paid between $1,500 and $50,000 to attend the notorious festival, held on the island of Grand Exuma in the Bahamas in 2017, with the promise of luxury accommodation, gourmet food and music.

However, the event spectacularly collapsed on its first day, as ticket-holders arrived to find half-built tents, insufficient food and a dearth of performers upon arrival.

McFarland, 31, was jailed for fraud in 2018 and fined $26 million for his role in the festival, but announced plans to launch a treasure hunt called PYRT upon his early release last year.

Billboard reports that Jonathan Taylor, who met McFarland while both were serving prison sentences in Ohio, has filed a civil lawsuit claiming McFarland and his business partner Michael Falb agreed a deal which offered Taylor a one-third equity in PYRT in exchange for a $740,000.

Taylor alleges that McFarland and Falb reneged on their agreement and refused to return the money

However, Taylor alleges that McFarland and Falb later reneged on the agreement and refused to return the money, leading to his demand for $740,000 damages, along with statutory damages, punitive damages and attorneys’ fees.

The suit, filed in New York Supreme Court, states that McFarland will face legal action for civil fraud, conversion, civil conspiracy, breach of contract and unjust enrichment if he does not agree to repay the money to Taylor.

McFarland has not responded to requests for comment.

The disgraced entrepreneur announced plans to hold a sequel to Fyre Festival earlier this year, with the first batch of 100 tickets – priced at US$499 – selling out. A further six tiers of tickets, ranging between $799 and $7,999, are said to be “coming soon”.

The sequel’s location, date and line-up have not yet been confirmed, though the founder says it will take place in “the Caribbean” and that his unnamed partners are “targeting Fyre Festival 2 for the end of next year”.

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