This may sound a little insane, but we’re not lying: the El Mocambo was saved by a dragon. For months is looked like the ‘El Mo’ was going to be torn down and repurposed into condos, but Michael Wekerle of the CBC program Dragons’ Den came forward to save the day.

On the night the concert hall was supposed to see its final show, Wekerle stepped in to make the purchase – but why?

“I had numerous beers here back in my youth,” Wekerle said of the bar. “I saw some great Canadian acts…I want to give the kids a chance to look up and say, ‘I’m going to play the El Mocambo.’ That’s what it’s all about.” he said.

There will still be some construction on the building. Wekerle stated that he wants to install a wraparound bar and renovate the venue’s rooftop patio while maintaining its original bare-bones look.

How much does one of Toronto’s most beloved venues cost? A whopping $3,780,000.

Thank you Michael!