BUYING PROPERTY…Whenever you land on an unowned property you may buy that property from the Bank at its printed price. You receive the Title Deed card showing ownership; place it face up in front of you.
If you do not wish to buy the property, the Banker sells it at auction to the highest bidder. The buyer pays the Bank the amount of the bid in cash and receives the Title Deed card for that property. Any player, including the one who declined the option to buy it at the printed price, may bid. Bidding may start at any price.
Although, as Andy Baio notes, the rules of Monopoly weren’t always the rules of Monopoly.
Contrary to popular belief, Charles Darrow didn’t invent Monopoly in 1933 from scratch. It was heavily based on The Landlord’s Game, an innovative board game patented in 1904 by Lizzie Magie, to be a “practical demonstration of the present system of land-grabbing with all its usual outcomes and consequences.”