The El Mocambo is back on the market again after a conditional offer on the legendary music venue fell through. The El Mocambo on Spadina Avenue near College went on sale about three months ago with a price tag of $3.95 million. The realtor confirmed the offer last month but recently told Curbed "the current buyer did not firm up, it is available again." The venue sold in 2012 to the owners of Cadillac Lounge and 99 Sudbury, purchasing the space for $3 million. Cadillac owner, Sam Grosso, selling his stake in the business but then later returning. Two years later, the venue is back on the market with another million added to its price. Open in 1948, the historic nightclub which has played host to bands like the Rolling Stones and U2 has gone through several ups and downs financially. Throughout the years, the club has been in and out of bankruptcy, selling to different owners multiple times. Last summer the space was renovated but the owners ran out of money to finish the job. According to the listing, the building has redevelopment potential and can be turned into student housing, a fitness club or boutique hotel, which might be a good thing for the gentrifying neighbourhood.
· Has the El Mocambo on Spadina Ave. Already Found a Buyer? [Curbed Toronto]
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