It had been set to happen in Mexico in June, with tickets costing up to $1.7 million dollars.

But festival founder, convicted fraudster Billy McFarland, has thrown in the towel, conceding it's too big a job for one person.

“A new chapter begins. After two years of rebuilding FYRE with honesty, creativity, and relentless effort, it’s time to pass the torch,” a statement shared on Instagram Wednesday read.

“We’re officially putting the FYRE brand up for sale. To the right buyer: the platform is yours. Execute the vision. Make history.”