Is it permissible, Islamically, to sell a specific item by means of a lottery, whereby it is offered for a price much lower than its actual value, and potential buyers send the specified price, then a draw is held to select one winner?

The fate of the money expended by others was not mentioned. If it is to be returned to them, then there is no harm. However, leaving it is preferable if there is no need to gather those interested in the item and sell it to the first bidder. But if the amounts are not to be returned to them, then this is forbidden gambling and impermissible Maysir (gambling). The definition of Maysir is: "What a person enters into by risking money, where he either loses this money or gains it."