The price paid for BayWalk, the troubled downtown St. Petersburg shopping and entertainment center: $5.2 million.

Mortgage executive and music producer Bill Edwards closed the sale this week for the troubled shopping and entertainment complex. Loan Ranger Acquisitions LLC, a company incorporated last month by Edwards, is listed as the owner of the complex, county records show.

The property was put on the block for $8 million in March by a group of investors, CW Capital Asset Management, which took over the center in 2009.

Edwards said he plans to rename the 74,500-square-foot retail center and return the near-vacant complex to its heyday of 2000, when it opened with upscale shops and fizzy sports bars and restaurants. He told the St. Petersburg Times on Wednesday that the community will be "pleasantly surprised" with the direction he will take BayWalk.