Thursday, March 28, 2024

Ja Rule Sued for Missed Payments on $3 Million Fyre Festival Loan

Singer Ja Rule performs onstage at The Barstool Party 2017 on February 3, 2017 in Houston, Texas.
Singer Ja Rule performs onstage at The Barstool Party 2017 on February 3, 2017 in Houston, Texas.

*Ja Rule was hit with another lawsuit relating to the Fyre Festival fiasco, this time from a loan company that shelled out millions to help fund the failed event, and accuses the rapper and his partner Billy McFarland of falling behind on their payments.

New York-based money-lending company EHL Funding says it loaned them $3 million for the Bahamas event, according to court documents obtained by the New York Daily News.

EHL claims in a filing submitted Wednesday to the Manhattan Supreme Court that it lent the 3 mil to Ja Rule and McFarland on April 10 to help them fund the festival ahead of its first day on April 28. The two parties had agreed that Ja Rule and McFarland would reimburse EHL with weekly payments spanning the next year, according to the legal filing.

The company claims that the rapper and his colleague held up their end of the bargain and submitted their payments on time early on, but haven’t been heard from since April 21.

EHL says it has already gotten just under $900,000 from Ja Rule and McFarland, but it now contends that the duo is defaulting on its loan after not paying up for almost three weeks. The company is demanding to be repaid in full, in addition to interest and legal fees.

The suit comes two weeks after the Fyre Festival fell into total collapse. Ticket holders who spent around $1,200 or more for tickets were promised an event filled with high-end luxury in a picturesque setting, but instead arrived to flimsy housing tents, unsatisfactory meals and feral dogs on the grounds. The festival, which was set to run two weekends, was canceled shortly after it started.

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