TORONTO, Ont. – Ryerson University says the flashy sign which once drew people to the iconic Sam the Record Man music store won’t hang outside the building being constructed on the site of the former landmark.

The university acquired the sign when it purchased the site for $23 million in 2008, a year after the store had closed.

As part of its contract with the city to honour the store, the university was to restore and permanently remount the sign on the future Student Learning Centre — a building on which construction began in the spring of 2012.

But Bruce Piercey, director of communications at Ryerson University, says the sign is not part of the official design for the university building.

Speculation about the fate of the sign comes after the death of the store’s founder, Sam Sniderman, on Sunday

The neon sign, composed of two enormous spinning discs on a red background, once lit up the corner of Yonge and Gould Streets in the city’s downtown.