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If you haven’t heard already artist, Ja Rule, and entrepreneur, Billy McFarland founded Fyre Festival, a luxury music retreat in the Bahamas where elite millennials could mingle with “influencers” and models. Tickets cost between $1K and $125K, gourmet food and accommodations were promised. The highly exclaimed festival promoted by supermodels Bella Hadid, Kendall Jenner, and Hailey Baldwin, has collapsed before our own eyes due to acts and caterers pulling out, a lack of adequate infrastructure on the private beach, and problems with transportation both on and off the island.

Perhaps we should have seen this coming. Fyre founder, McFarland previously founded Magnises, a social-networking startup that charges members a $250 annual fee for discounted access to exclusive events. After speaking to several current and former Magnises members earlier this year, Business Insider revealed that the startup had not been delivering on the perks it was advertising.

Ja Rule has since taken to social media to apologize for the mishaps at the luxury Coachella festival but exclaimed that this situation was not his fault.

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