Prior to its catastrophic downfall, it at one point seemed that Fyre Festival could command any price for a coveted ticket to the Great Exuma event. Now, four years in the rearview, it ended up being the attendees who would be compensated for their troubles. Well, at least some of them anyway.
According to The New York Times, 277 ticket holders have reached a settlement with Fyre Festival amounting to a total of $2 million—that’s $7,220 apiece. Due to the stratification of ticket prices, which ranged from $1,000 to $12,000 a pop, and with some limited luxury packages priced in the tens of thousands, it’s difficult to say whether anyone came out ahead or even broke even in terms of financials after all of this. The initial class action suit was submitted for a claim of $100 million.
The ruling delivered by the US bankruptcy court of New York is subject to approval on May 13th, where the final payout figure could potentially be lowered depending on how Fyre Festival fares in bankruptcy suits with other creditors.
This is not the first successful verdict delivered to attendees of the infamous event. In 2018, Seth Crossno and Mark Thompson were the first attendees to settle with the disgraced festival, and were awarded a total of $1.5 million in compensatory damages and $1 million in punitive damages.