Billy McFarland says he will sell the brand "to an operator that can fully realize its vision." The news comes days after the postponement of Fyre Festival 2, which was scheduled for late May.
The controversial entrepreneur is seeking redemption and some people are ready for him to try. Tickets have sold out. But he still owes $26 million in restitution to the people he fleeced.
A class-action settlement will award 277 ticket holders more than $7,000 each, pending a judge's approval in May. The final sum could be reduced depending on ongoing bankruptcy proceedings.
