7:20 AM PT -- The party's officially over.

Festival organizers just announced ... "Due to circumstances beyond our control, we must postpone this experience. We are working tirelessly to ensure each guest leaves the island safely and ask for everyone’s patience and cooperation as we continue to provide ongoing updates via email and our official social media channels."

They added ... refund information will be coming.Ja Rule's Fyre Festival promised luxury but delivered what looks like a refugee camp. 

The festival -- the first annual -- kicked off Thursday in the Bahamas, but it's a disaster of epic proportions. Ticket holders paid between $1k and $12k, and what they got was unreal.

-- Living accommodations were used in previous disaster relief efforts

-- The beer stands were empty and the "gourmet food" turned out to be 2 pieces of bread and 2 pieces of cheese

-- The kitchen looks like what you would get when you're camping in the wilderness

-- Security lockers had no locks

Fyre's video pimping the festival showcased Bella Hadid, Hailey Baldwin and Emily Ratajkowski on a yacht as a way to lure fans to a luxurious paradise. Not exactly as advertised.

Blink 182 pulled out Thursday ... saying they're "not confident that we would have what we need to give you the quality of performances we always give fans."

Pretty clear Ja Rule didn't see this coming -- he posted a pic 2 days ago just before boarding a private jet headed for the festival.

Fyre released a statement, acknowledging "things got off to an unexpected start at day one."  

Nicely understated.

MAKES COACHELLA LOOK LIKE THE FOUR SEASONS