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Legendary Toronto music venue around for 70 years is up for sale

Toronto's iconic El Mocambo music venue, a staple in the city's entertainment and live music scene for more than seven decades, is now up for sale after its owner and former Dragons' Den star, Michael Wekerle, defaulted on $55.6 million in debt through the companies he controls.Last Friday, an Ontario court intervened and appointed Ernst & Young Inc. to oversee the venue's sale. The music venue first opened its doors in 1948, and after decades of hosting legendary artists like The Rolling Stones and Blondie, Wekerle purchased the venue in 2014 for $3.8 million.The investor invested over $30 million to refurbish the space, and despite multiple setbacks, the venue reopened in 2020, only for it to be delayed once again due to the global pandemic.Wekerle was taken to court by Waygar Capital Inc., a creditor that claims Wekerle's companies have failed to repay loans, which include funds used for El Mocambo's renovations.Future of Toronto's historic El Mocambo threatened by legal...


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