- Billy McFarland, the man behind Fyre Festival, is back with the startup PYRT (pronounced 'pirate.')
- The ill-defined company will comprise hotels, IRL and virtual events, and merch, McFarland said.
Billy McFarland, the man behind the disastrous 2017 Fyre Festival, has unveiled his next business venture—which sounds strikingly similar to the scheme that landed him in prison.
McFarland pleaded guilty to two counts of wire fraud in March 2018 and was sentenced to six years in federal prison, but was released after serving only four years. After his release in March and subsequent stay at a halfway house, McFarland unveiled PYRT—a multi-faceted startup that appears to comprise virtual and IRL events, large-scale treasure hunts, and merch.
PYRT, pronounced "pirate," is "going to be a small, permanent hotel in the Bahamas for artists and entrepreneurs to come and partake in these crazy adventures," McFarland said on the "Full Send" podcast, hosted by YouTube prank collective Nelk, earlier this month.
McFarland remains fond of the Bahamas—the site of his ill-fated Fyre Festival. That event, promoted by the likes of Hailey Bieber, Kendall Jenner, and Bella Hadid, saw attendees paying upwards of $1,200 for tickets but ultimately being relegated to half-built huts while dining on cold cheese sandwiches. The spectacular failure went viral on social media and spawned dueling docuseries on Hulu and Netflix—neither of which McFarland admitted to having watched.
Seemingly undeterred, he said that the PYRT concept could evolve into another festival down the line.
"PYRT is all about taking people to places that they think are impossible," he told Full Send hosts Kyle Forgeard, Bob Menery, and Aaron Steinberg, "so I have to do a PYRT fest, right? It can't be tomorrow, it can't be in four months, but there's going to be PYRT fest," he said. "People will go just to see what happens. People who hate me will be the first ones who want to come."
McFarland's ill-defined vision for PYRT, which he said he conceived during a seven-month stint in solitary confinement, also comprises technology. Its website says it's developing "virtual immersive decentralized reality," and McFarland said on TikTok that PYRT events would include virtual attendance.
Then there are the treasure hunts, McFarland told the Nelk crew, though it's unclear where these fit into the company's larger vision. Ninety-nine glass bottles will be hidden across the United States, McFarland said. Those who find them will be gifted with weekend trips to the Bahamas, and will also have the opportunity to win a grand prize that McFarland said he "can't promise yet."
The first bottle was already hidden and discovered in New York. McFarland shared a TikTok of a couple handing in the bottle and being flown to a tropical vacation, though he's also managing expectations on delivering the trips. "It might take me three or four years to do [all 99 bottles]," he said. "We're in no rush."
@pyrtbilly stay tuned for part 2 ☠️️️
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Further, McFarland won't be attending any weekend jaunts to the Bahamas anytime soon, given that he currently needs to obtain permission to leave the country, he told the hosts.
This isn't the first business venture the failed entrepreneur has attempted to launch in the wake of the Fyre Festival implosion. Before being sentenced, McFarland had his bail revoked for selling $100,000 worth of fake tickets to the Met Gala and Coachella through another fraudulent startup called NYC VIP Access. McFarland also told the Nelk crew that he was punished in jail for attempting to write a book and launch his own podcast from behind bars.
Despite his lofty visions for PYRT, the company is launching with a decidedly low-concept product: merch – namely, a $250 polyester jacket.
McFarland must forfeit any earnings to pay back over $26 million to his fraud victims, so $25 from each purchase will serve to reimburse unpaid workers in the Bahamas impacted by McFarland's fraud, and another $25 will go toward his restitution.
According to his website, purchasing the jacket will also get you access to "instant access to experiences you never thought were possible" and "instant daily access to Billy and other PYRT crew through our exclusive member-only active Discord."
In addition to outlining his next steps, McFarland also discussed his time in jail on "Full Send," including serving time concurrently with Mike "The Situation" Sorrentino of "Jersey Shore" fame, and witnessing a rape and suicide while behind bars. And though he remains dogged in his business pursuits, he acknowledged his crimes.
"I lied to a lot of powerful people," he said. "I was guilty as hell."
Insider has reached out to McFarland for comment.