What is your actual concern here? Did you make a bid yourself-or want to? Are you worried someone got taken advantage of? If so, who-the seller?
In my experience, when a conservator is involved, the condition of the house is exceptionally poor--if the seller needs a conservator it's because they can no longer care for themselves, let alone a home. There may be extreme deferred maintenance, willful damage (especially if drugs or mental illness is involved). One sold in our area that was 2000 sf and literally was a shell requiring complete gutting--even with 50 bids at probate, it sold for a price considered $200K low for anything of its size in the neighborhood.
I'll ask you one question: did you ever get a chance to go in the home and see it for yourself? In our area, everyone was so excited about this property because of its low asking price; however as one of my clients said afterwards, "Can you smell it on me?"
Usually the only people willing (and actually experienced enough) to purchase and refurbish a home like this are professional contractors, investors, etc.
I hope this answer educates you and perhaps eases your mind.
As one of my clients