In Cognitive Radio scenarios channelization information from primary network may be available to the spectral monitor. Under this assumption we propose a spectral estimation algorithm from compressed measurements of a multichannel wideband signal. The analysis of the Cramer-Rao Lower Bound (CRLB) for this estimation problem shows the importance of detecting the underlaying sparsity pattern of the signal. To this end we describe a Bayesian based iterative algorithm that discovers the set of active signals conforming the band and simultaneously reconstructs the spectrum. This iterative spectral estimator is shown to perform close to a GenieAided CRLB that includes full knowledge about the sparsity pattern of the channels.