Fyre Festival Was Buried Under Millions in Debt Before It Even Began
First ticket holders sued. Now investors who backed the doomed millennial extravaganza want their money back.
The Fyre Festival stage.
Photographer: William Finley IVThis article is for subscribers only.
In the weeks before the Fyre Festival, organizers borrowed as much as $7 million in a last-minute bid to fund the doomed Bahamas music showcase, according to documents reviewed by Bloomberg News.
While recriminations and lawsuits multiply over the event’s now-infamous collapse, almost $1 million is still unaccounted for, and it’s unclear exactly how the rest was spent. Meanwhile, there’s the open question of whether thousands of ticket-holders will get refunds, or if employees of the startup behind the festival, Fyre Media Inc., will be fully paid.