'It's Toronto's place,' says new owner of El Mocambo

The El Mocambo is shown in this file photo.

The new owner of Toronto's El Mocambo, television personality Michael Wekerle, says the once ill-fated music venue is like the "Stanley Cup" of concert halls for emerging Canadian artists.

Wekrele, who purchased the iconic venue at the eleventh hour for just under $4 million, says the club is a place most musicians dream to perform at. He described it as a "community" place.

"It's not just my place, it's not just the fans' place -- it's Toronto’s place," Wekerle told CTV Toronto. "The El Mocambo is really a venue which I call the Stanley Cup for Canadian artists that are growing up and saying 'Hey man, one day I’m going to play (here).'"

Wekerle was expected to be handed the club's keys Thursday night at a Light of Day Canada Parkinson's fundraiser. It was originally planned as the El Mocambo's final event before former owner Sam Grosso closed its doors forever. The focus of the event has since been changed from being a final farewell party to a passing of the torch.

"I'm excited that it's going to move in the right direction and I'm happy for myself and I'm happy for the city," Grosso said ahead of the fundraiser.

He said when Wekerle originally called him, it was actually to talk about purchasing the venue's iconic neon palm tree sign. That phone call quickly turned into one about buying the entire place.

"Actually, it was the sign that they were interested in. I said 'Well, you know if you buy the building, you can save the sign.'"

Wekerle, who is the CEO of Difference Capital, is perhaps most famous for his appearances on the reality television show "Dragon's Den," where he sits on the panel that evaluates business pitches for potential investments.

He recently made headlines after his Porsche 918 Spyder -- a rare hybrid sports car that retails for approximately $845,000 US – went up in flames at a gas station in Caledon, Ont.

In addition to having deep pockets and an expensive taste for cars, Wekerle also has a deep passion for music. He hosts Wektoberfest, a music festival that features local acts.

It is not yet known when the El Mocambo will be reopened, but Wekerle hinted on Twitter that he plans to continue to use the property as a music venue, using the hashtag #Rockforlife.

With a report from CTV Toronto’s Ashley Rowe