When I was in my late 20's I went to a Land Auction, the developer went bankrupt the they were selling off the lots on this Golf Community. It was on Merritt Island and the only Golf Community on Merritt Island.
Before the bankruptcy, the lots originally went for 60K a pop then were reduced to 40K.
I was expecting to pay in the 10-15K range at this auction and so did many of the guys around me.
They were putting blocks of 3 lots up to bid, the winner then got to choose from the 3.
Opening block of lots were probably the best 3 in the subdivision and the bidding shot all the way up to 37K in moments mostly due to some quick banter by the auctioneer. My mouth fell open, and a few of us looked at each other is disbelief and disdain.
My boss was with me and he saw I was rattled and calmed me down, he encouraged me to sit back relax and watch.
By the time the lot I had my eye on (I had 5 that I liked) came up tot he block, all the wad blowers were done and leaving. I got my lot for 12K.
I sold it 9 months later for 26K, I should have bought more than 1.
