This is confusing because there is no 8.5 Elements, only 8.0.5.
Did you buy WaveLab Elements 9?
Elements upgrade page is here:
http://www.steinberg.net/en/shop/buy_product/product/wavelab-elements-9.html
WaveLab Pro 9 upgrade page is here:
http://www.steinberg.net/en/shop/buy_product/product/wavelab-pro-9.html