Billy McFarland, the entrepreneur behind the disastrous Fyre Festival in the Bahamas, lives in a $21,000-a-month penthouse apartment in Manhattan and drives a $110,000 Maserati. When he was arrested by federal agents on Friday on a charge of wire fraud, he was carrying $5,000 in cash.
Yet when Mr. McFarland, 25, made his first appearance before a magistrate judge on Saturday afternoon, he was represented by a public defender.
The judge, Kevin N. Fox of United States District Court in Manhattan, set Mr. McFarlands bail at $300,000, to be secured by $50,000 in cash or property. Mr. McFarlands lawyer, Sabrina P. Shroff, said that he had been released after the hearing on Saturday, and that he had one week to satisfy the bail conditions.
According to federal prisoner records, Mr. McFarland had spent the previous night in a Brooklyn detention center.