The Fyre Music Festival has been called one of the most ambitious ventures among celebrity entrepreneurs, given just how much tickets cost and the amount of planning and effort that went into organizing it. But the news today is that among the duo of organizers Ja Rule and Billy McFarland, the latter, Billy McFarland, was actually committing fraud.
So just how much wealth has Billy McFarland accumulated and what is his estimated net worth in 2018? Even more interesting, is how much money could he lose from being arrested for this most recent crime?
Billy McFarland is the founder and CEO of Mcnises, a company that has created platforms to connect and monetize millennials. His most recent venture was Fyre Media, a music booking mobile app. In order to promote the Fyre mobile app, Billy McFarland launched the Fyre Music Festival alongside his partner, Ja Rule.
The Fyre Music Festival was one of Billy McFarland most ambitious ventures. In fact, Comcast Ventures invested $25 million into the festival, though they have since withdrawn their investment. Tickets were sold for $1500 each with VIP packages going for as much as $12,000. Blink 182 was supposed to headline the event but withdrew just a few days before the festival.
Although mega celebrities such as Kendall Jenner, Bella Hadid, Emily Ratajkowski were paid to promote the event on Instagram, due to multiple issues with the festival, it was postponed. Even more catastrophic was the festival was canceled after attendees had already arrived.
The cancellation of the festival prompted 8 different lawsuits, with one lawsuit seeking as much $100 million in damages.
The main issue was the festival was noted to have defrauding ticket purchases. However, the most recent news with the festival is that Billy McFarland has been arrested and charged with 1 count of wire fraud.
So how much is Billy McFarland actually worth in 2018 and what is the amount of money he could stand to lose?
According to court documents, MacFarland was making payments on a $100,000 Maserati, and was renting an apartment in New York that cost him over $20,000 every month. He spent $300,000 on bail, although it’s not clear whether he paid that out of his own pocket.
Based on his entrepreneurial ventures and the most recent sales he made through Fyre Music Festival as detailed in the lawsuit against him, we estimate that Billy McFarland net worth in 2018 at being around $5 million.
How much could Billy McFarland stand to lose? Given the $100 million lawsuit against him, it’s possible that within months, Billy McFarland’s net worth could be $0 (bankrupt).