American National Insurance has owned Edgewater Mall since 1965. Mall manager Terry Powell confirmed the property is "for sale" but would not comment further.
Still in the midst of renovating and rebuilding after Katrina, news of the sale surprised some shoppers.
"For real?" was one shopper's stunned reaction.
Merchants said they'd heard rumors of a possible sale for some time now.
Mary and Louis Villalpando have been merchants in the mall for nearly 35 years.
"They don't have good marketing at present time. And I think the business was a lot better years ago than it is right now. They just don't have traffic here on the mall," said Mary Villalpando.
The couple sells collectibles, everything from delicate figurines to collectible coins.
Brittany Spears spent lots of money in the gift shop during a visit to Biloxi with then-husband Kevin Federline. But the shop owners say most young people just hang out at the mall and don't spend much money.
It's a far cry from the good ole' days.
"The parking lots were completely full. And they used to park under the trees over there and everything else. You couldn't get into the mall in them days. And it just started going down, down, down, down, down," said Louis Villalpando.
We also talked with two more longtime mall merchants. Both both expressed cautious optimism about Edgewater's future. They say there is much potential in the growing Biloxi market, provided the new ownership is willing to invest in and market the mall.
Should the sale go through, shoppers have some suggestions.
"Get better shops for younger people I would say," said one young woman, who says she's a frequent Edgewater shopper.
"Need more shops coming in. But the remodeling they're doing is very nice. They've made it look really nice. It was aged. They've redone everything and it looks very nice now," said a young man who said he too is a frequent shopper.
The company that's marketing the Edgewater Mall property is Colliers International. The Biloxi mall site is listed on the company's web site listing available properties.
The advertisement for the Edgewater Mall property says the "continued vibrancy and popularity" of the mall presents a "significant opportunity" for the willing investor.