The original event was promoted on Instagram by social media influencers, actors, reality TV stars and models including Kendall Jenner, Bella Hadid, Hailey Baldwin, and Emily Ratajkowski, many of whom did not initially disclose they had been paid to do so.

Instead of the gourmet meals and luxury villas for which festival attendees had paid thousands of dollars, they allegedly received packaged sandwiches and were lodged in poorly furnished tents.

On December 12, 2016, Kendall Jenner, Emily Ratajkowski, and other influencers paid by Fyre simultaneously posted to their Instagram feeds a video with a thumbnail consisting of an orange square and a logo made of stylized flames.

After several small islands that seemed like likely venues were turned down, and with only two months to go before the Fyre Festival, the Bahamian government gave McFarland a permit to use a site set aside for development at Roker Point (23°38′06″N 75°55′08″W / 23.6350°N 75.9188°W / 23.6350; -75.9188) on Great Exuma, just north of Sandals Emerald Bay Resort.

An investor, fashion executive Carola Jain, reportedly arranged for Fyre to receive a $4 million loan, most of which was used to rent luxurious offices in Manhattan's Tribeca neighborhood.

[9] In the days leading up to the festival, they cut expenses extensively, having learned that the luxury villas alone were going to cost $10 million, and targeted deposits for the bands, food, infrastructure, and staff.

Scheduled for two weekends in April and May 2017, the event sold day tickets at prices from US$500 to US$1,500, and VIP packages including airfare and luxury tent accommodation for US$12,000.

[12] The final advertised lineup was for 33 artists, including Pusha T, Tyga, Desiigner, Blink-182, Major Lazer, Disclosure, Migos, Rae Sremmurd, Kaytranada, Lil Yachty, Matoma, Klingande, Skepta, Claptone, Le Youth, Tensnake, Blond:ish, and Lee Burridge.

Additionally, organizers of the Fyre Festival planned their first event for April 28–30, the same weekend as the Exuma Regatta, a Bahamian sailing race series that utilized most of the island's hotels, vacation rentals and resources.

[15] After the Comcast deal fell through, McFarland obtained $3 million in temporary financing for Fyre through investor Ezra Birnbaum that required the company to repay at least US$500,000 of the loan within 16 days.

[9] Fyre informed ticket-holders that the event would be "cashless (and cardless)", with purchases at the festival to be paid for with an RFID "FyreBand" linked to their credit card[16][17] (despite warnings that such digital bracelets would be useless because of the poor Wi-Fi connection at the site[8]).

"[8] Initial arrivals were taken to an "impromptu beach party" at a beachside restaurant, where they were plied with alcohol and kept waiting for around six hours while frantic preparations at the festival site continued.

Later arrivals were taken directly to the grounds by school bus where the true state of the festival's site became apparent: their accommodations were little more than scattered disaster relief tents with dirt floors, some with mattresses that were soaking wet as a result of the morning rain.

[20][21] Festival-goers were dropped off at the production bungalow where McFarland and his team were based so they could be registered, but after hours of waiting in vain, people rushed to claim their own tents.

Reports from the festival mentioned various other problems, such as the mishandling or theft of guests' baggage, no lighting, an unfinished gravel lot, a lack of medical personnel and event staff, no cell phone or internet service, insufficient portable toilets, no running water, and heavy-handed security.

[citation needed] In 2013, with US$3,100,000 (equivalent to about $4,050,000 in 2023) in venture capital and 25 employees, McFarland also founded a card company called Magnises[25] which promised members paying an annual $250 fee that they could "unlock their cities and take their lives to the next level", including "private members-only concerts, tastings with notable chefs, and exclusive art previews at top galleries".

[26] The event was promoted on Instagram by Kardashian family socialite Kendall Jenner (who was paid $250,000 and has since deleted the post), Bella Hadid, Emily Ratajkowski, Hailey Baldwin, Elsa Hosk, Chanel Iman, Lais Ribeiro, Alessandra Ambrosio, Shanina Shaik, Nadine Leopold, Rose Bertram, Gizele Oliveira, Hannah Ferguson, and other niche-actresses and media personalities.

[45] Ben Meiselas of Geragos's firm pledged to hold "all those who recklessly and blindly promoted the festival" accountable, which was interpreted as being directed at Jenner, Hadid, and other social media influencers.

[47] A second class action lawsuit against Fyre Media, McFarland, Ja Rule, and the event promoters identified as "Does 1–100" was filed in Los Angeles by personal injury lawyer John Girardi on behalf of three attendees.

[48] A third lawsuit was filed in New York federal court against Ja Rule, McFarland, Fyre Media, and chief marketing officer Grant Margolin.

Plaintiffs Matthew Herlihy and Anthony Lauriello accused the festival organizers of "false representations, material omissions... negligence, fraud, and violations of consumer protection statutes.

Also in May, festival attendee Andrew Petrozziello filed a lawsuit in New Jersey federal court alleging that the organizers violated the state's consumer fraud act and committed breach of contract.

[53] A sixth lawsuit, filed in Florida federal court as a class action suit, alleged violations that include fraud, negligence, and breach of contract.

The plaintiffs, Kenneth and Emily Reel, accused the organizers of sending cease and desist letters to people who criticized the festival on social media.

In addition to the infractions mentioned in the other lawsuits, this suit alleges unjust enrichment and violation of New York state business law, claiming that the organizers continued to offer VIP upgrades and opportunities to deposit money into the "Fyre Band" payment system after the festival had been canceled.

[3][61][62] On July 24, 2018, the Securities and Exchange Commission (SEC) announced that McFarland, two companies he founded, a former senior executive, and a former contractor agreed to settle charges arising out of an extensive, multi-year offering fraud that raised at least $27.4 million from over 100 investors.

[71] In 2018, American punk band Alkaline Trio – whose singer and guitarist Matt Skiba also played in Blink-182 at the time and were among the first acts to cancel their planned performance at the festival – released their album Is This Thing Cursed?, which included a song inspired by Blink-182's involvement titled "Goodbye Fire Island".

[83] On April 23, 2024, McFarland posted on his Instagram story[84] and on Twitter[85] an update with the following four locations being picked: Belize, Cuba, Dominican Republic or Honduras (Utila).

[86] On September 4, 2024, The Wall Street Journal reported that Billy McFarland officially confirmed Fyre Festival II, set to take place in the Caribbean.

Miller expressed optimism about the event’s potential to bring economic benefits to local businesses and confidence in the future of Fyre Festival on Utila.