Convicted Fraudster Billy McFarland's Net Worth Is a Direct Result of His Crimes

Remember the Fyre Festival fiasco? If not, we'll refresh your memory! In 2017, con artist Billy McFarland and rapper Ja Rule co-founded the Fyre Festival, billed as a "luxury" music event to promote the Fyre app. However, it turned out to be a total scam and resulted in McFarland's six-year federal prison sentence.

McFarland was released in March 2022 after serving just under four years. Since then, he's attempted to start new ventures, but most have fallen flat. His struggles aren't just due to his criminal past — his nearly nonexistent fortune plays a major role, too.

Here’s what you need to know about Billy McFarland's (lack of) net worth.

According to Celebrity Net Worth, convicted fraudster Billy McFarland currently has a net worth of -$26 million. Yes, you read that right: McFarland's net worth is in the negatives, so it's clear he's still drowning in debt after the disastrous 2017 Fyre Festival controversy.

Back in March 2018, McFarland pled guilty to two counts of wire fraud in federal court, admitting he used fake documents to trick investors into sinking over $26 million into his failing company, Fyre Media. He was ordered to pay that same amount in restitution, but it seems like the money's nowhere to be found.

Fast forward to February 2024, when McFarland appeared on the Tosh Show podcast, where he casually mentioned that he still owes between $26 and $28 million — though, he added, the amount "kind of changes by the hour."

When asked if he ever imagined being $26 million in debt, McFarland responded, "I think it's past the point of being tangible, right? It's just so much, at least for me." Yeah, it's a lot, and it's no surprise given how he fooled investors and took their money.

And when pressed about paying the money back, McFarland said, "Yeah, every month I literally have to give a check back to the investors and then they get a percentage of all the business revenue too." He even teased the idea of a Fyre Festival II, saying if it makes any money, a chunk would go back to those he scammed.

When questioned if he could clear his massive debt with one huge festival, McFarland claimed, "It'll probably take three or four festivals to pay it all back. I have partners who owned significant pieces of it…"

It seems like it will take a few more attempts before McFarland can fully settle his debt.

At this point, the mere idea of another "festival" organized by McFarland should be enough to send people running. While there's been some social media buzz and curiosity, nothing has been confirmed, and frankly, there's no reason to believe this festival will ever happen.