Fyre Festival 2 cancelled after founder Billy McFarland puts brand up for sale - amid music streaming plans

The festival's second instalment, launched by convicted felon Billy McFarland, 37, had been scheduled to take place on Isla Mujeres, Mexico, from May 30 to June 2.

However, in an announcement posted to social media, McFarland announced the festival's cancellation, adding he would be selling the rights to the Fyre Festival name.

It follows the highly publicised failure of the first Fyre Festival instalment - an island event that promised 'luxury' but ultimately led to McFarland’s conviction for wire fraud.

In the post to X and Instagram, he announced: "A new chapter begins. After two years of rebuilding FYRE with honesty, creativity, and relentless effort, it’s time to pass the torch. "

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"We’re officially putting the FYRE brand up for sale. To the right buyer: the platform is yours. Execute the vision. Make history 🔥 Read the full statement at FYRE.MX"

The initial festival, which sold hundreds of tickets to would-be partygoers, delivered disaster relief tents on scorching sandbanks, slices of bread and cancelled performances from performers including Blink-182 and Migos.

The festival, founded by McFarland and rapper Ja Rule, went on to inspire two documentaries on events, with McFarland still owing $26 million in restitution.

Fyre Festival 2 was the latest attempt by the entrepreneur to resurrect the festival, with McFarland embarking on a sustained social media campaign in a bid to sell tickets.

Ticket holders have now been told they will receive refunds after the event was postponed indefinitely.

The festival's reincarnation was poised to offer luxury beachside resorts, five star accommodation and luxury boat trips with exclusive parties hosted by A-list names.

However, the concept's re-birth appears to be short-lived, with news of its sale coming as little surprise to some.

One X user was seen to comment: "Hahahaha will we at least get another documentary?"

Another added: "So sad to see another small festival with a passionate founder go under."

It comes as McFarland announced he is selling the rights to the Fyre Festival name - with reports from Deadline suggesting the rights to the name have been purchased by director and producer Shawn Rech.

Rech, who co-founded the TruBlue streaming service with TV show host Chris Hansen, has reportedly purchased two trademarks, which will be used to launch the streaming service.

“Music networks are all just programming now and I have no interest in watching people slip on bananas,” Rech told Deadline.

“It has nothing to do with music. I needed a big name that people would remember, even if it’s attached to infamy, so that’s why I bought these [trademarks] to start the streaming network."