The founder of the doomed Fyre Festival reportedly drives a $110,000 Maserati and rents a $21,000-a-month penthouse

Billy McFarland, cofounder of the Fyre Media startup and its disastrous Fyre Festival, was arrested by federal authorities on wire fraud charges June 30.

He was released July 1 on $300,000 bail, but not before aspects of his lifestyle were revealed in a hearing.

According to the New York Times, it was revealed that McFarland is making payments on a Maserati with a suggested retail price of $110,000 and is renting a Manhattan penthouse apartment for $21,000 a month.

He is currently being represented by a public defender. At the time of his arrest, he had $5,000 cash on his person.

McFarland's "lavish lifestyle" was a cause of concern for the court. Assistant United States attorney Kristy Greenberg questioned whether McFarland was of the limited means typically required to be appointed a public defender.

McFarland had retained both a crisis public relations firm and a legal team to defend him from several pending lawsuits, but his previous lawyers had reportedly not been paid enough to continue to represent him, according to the New York Times.

"There are real questions about where his money is," Greenberg told the judge at McFarland's bail hearing on July 1.

McFarland is facing allegations that he lied on financial-disclosure forms and defrauded investors in the Fyre Festival's parent company, musician-booking app Fyre Media, by overstating the company's income and cash on hand.