Billy McFarland, the creator of the infamous Fyre Festival, announced Wednesday that he and his team are selling the brand after encountering "challenges" while producing Fyre Festival 2.

The second festival was originally planned for May 30 to June 2 in Playa del Carmen, Mexico.

This would have been McFarland's second attempt to host a multi-day music festival after the disastrous event he co-planned in 2017.

"Making things right," was McFarland's stated goal for planning the second event, according to an Instagram post.

But now he believes the best way to accomplish that is to sell it, McFarland said.

The sale includes the brand, trademarks, intellectual property, digital assets, media reach and what McFarland described as "cultural capital."

This story was reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.