That neon sign is off the market. And so is the venue. In the 11th-hour, hours away from hosting their last show, a secret buyer approached the legendary concert hall, El Mocambo to keep the doors open. “I think it’s their intent to keep it going as a music venue — which is good, everybody wants that,” said Neil H. Warshafsky, real estate broker for the El Mocambo’s current owners.
Warshafsky didn’t divulge dirt on who the potential buyer was, but he did share that it’s someone “people will know”. The mysterious buyer was revealed early Thursday afternoon as new Dragon’s Den cast member Michael Wekerle. It has been noted he will keep the El Mo as a music venue bar after a complete renovation.
The club which went on the market in March, had a sale price at $4-million and was described as “redevelopment potential”. The Spadina Avenue cornerstone first opened its doors in 1850 and hosted such acts as Jimi Hendrix, Meat Loaf, Bo Diddley, The Ramones, Blondie, and April Wine and has a capacity of 1,200 people.
Wekerle was in the news recently when his rare Porsche burst into flames at a Caledon gas station.