The El Mocambo, was supposed to close its doors for good tonight, Thursday, November 6th, but a new owner has reportedly put down a deposit on the legendary music venue. The National Post reports the new owner intends to keep the El Mo open as a music venue, though there is no word on when the rock club might re-open.

The real estate broker for current owners Sam Grosso and Marco Petrucci told the newspaper the new owner is someone “that people will know”. The venue was put on the market in September, and tonight’s Light Of Day concert, a Parkinson’s disease benefit, was to be its final show. The benefit features Santana’s lead singer Alex Ligertwood and Wally Palmer from the Romantics along with other performers.

Grosso put the famed palm tree and coconuts neon sign on eBay after announcing he was selling the business. He has since taken the posting down.

 

 

Grosso, owner of the Cadillac Lounge and partner Marco Petrucci, owner of 99 Sudbury, took over the El Mo in 2012 in the hopes of breathing new life into the venue, which had once played host to rock legends including The Rolling Stones, Blondie, U2, Stevie Ray Vaughan, Lou Reed and The Ramones.

But financial difficulties, as well as the changing music scene in Toronto, have seen that dream all but fade.

“At the El Mo, it is a concert venue where people are only going there right now to see live music or an event, so they’re not going there just to hang out there and have a bite to eat – which is what needs to happen for that place to be successful,” Grosso had explained.

He added that the venue’s large size seemed to deter some promoters.

“It’s a big room to fill. It’s two floors. There’s a lot of promoters who just kind of shied away from it,” Grosso said.

Grosso says he spent about $14,000 refurbishing the iconic palm tree sign and hopes it can find a good home.

“I hope there’s a place for it in Toronto with the city or someone could buy it.” He jokingly added, “I’d keep it myself, I’d put it in my backyard, but my hydro bill would go crazy.”