Fyre Festival's Billy McFarland just sold the brand for $245,000. He still owes his victims $26 million.

Source: Business Insider

"Fyre Festival is just one chapter of my story, and I'm excited to move onto my next one," Bill McFarland, the founder of the infamous event, said on Monday following the sale. Theo Wargo via Getty ImagesBilly McFarland, 33, became notorious for organizing the failed Fyre Festival in 2017. The disgraced founder said he auctioned off the branding rights for the event on eBay for $245,300.