Convicted fraudster Billy McFarland had hoped to put the disaster of the original failed festival behind him with a new event at Mexico's Isla Mujeres between May 30 and June 2 but ticketholders have now been informed that Fyre Festival 2 is postponed and they will receive refunds.
According to ABC news, attendees received an email which stated: "The event has been postponed and a new date will be announced. We have issued you a refund. Once the new date is announced, at that time, you can repurchase if it works for your schedule."
The festival was previously advertised under the slogan "FYRE Festival 2 is real," with tickets starting at $US1400 ($A2202).
The original Fyre Festival was due to take place in the Bahamas in 2017 but amidst a number of issues, including security and accommodation, it was postponed indefinitely.
In March 2018, co-founder McFarland admitted to using fake documents to persuade investors to put more than $US27 million ($A42 million) into his Fyre Media Inc company.
He pled guilty to two fraud charges and was sentenced to six years in prison. He was released in 2022.
Announcing this year's festival in February, Billy said in a statement: "I'm sure many people think I'm crazy for doing this again. but I feel I'd be crazy not to do it again.
"After years of reflection and now thoughtful planning, the new team and I have amazing plans for Fyre 2.
"The adventure seekers who trust the vision and take the leap will help make history. Thank you to my partners for the second chance."
Several models, including Bella Hadid, were hired to promote the original 2017 festival - which is the subject of Netflix documentary Fyre - and revellers paid between $US1200 to $US100,000 ($A1888 to $A157,316), only to arrive and find out they would have to sleep in tents rather than luxury accommodation.
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