Dragons’ Den star and entrepreneur Michael Wekerle revealed last week that he’s the purchaser of the legendary El Mocambo club on Spadina Avenue. He bought the property for $3.78M and says he plans to keep it going as a live-music venue. “It’s a firm deal,” says Royal LePage Commercial’s Neil Warshafsky, who brokered the transaction between Michael and club owners Sam Grosso and Marco Petrucci. The deal is expected to close in December, Neil tells us.

Michael—a music fan who sings and plays guitar—discovered the Elmo was on the block when its iconic palm tree sign was put up for sale, he explained during a fundraiser concert last Thursday that was intended to be the final show at the venue before it shut down. “He’s very passionate about rock and roll,” says Neil (pictured), noting that Michael and his team will give the place "several key upgrades" but plan to retain much of the club’s look and character, including its exposed brick and original flooring. “When we walked through there, his visions for the place were spot on.”