[vmception]

Wait the person that landed on it can also participate in the auction!?

Wwwhat I need to see experienced people playing this game by the official rules or whatever the consensus is, since official seems to change over time too

[bombcar]

Yes, everyone can bid. You can use this to get properties for less than the mortgage value and then immediately mortgage it.

[Symbiote]

That's been the rules for decades in the British edition (my family's older copy is from the 1950s).