There's something else wrong with that auction,beside the price. The Squier Pro tone came with three single coils. The Pro Tone "Fat Strat" was a special model, two single coils and a humbucker, Floyd Rose trem, and only came in black, with a matcing black headstock.
"Pro-Tone Series
The pro-tone series of stratocasters was produced between 1996 and 1998 and featured a solid ash body, a 1-piece maple neck, and three single-coil alnico pickups. The Pro-Tone line was manufactured in Korea (many in the Cort factory). It was available in a handful of finishes: vintage blonde, crimson red, black, three-tone sunburst, trans sapphire blue, and olympic white. The crimson red, and trans sapphire blue finishes came with gold hardware.
There was a special edition Pro-Tone called the 'Fat Strat' which came in black with a black painted headstock, 22 frets, a bridge humbucker, and a Floyd Rose double locking tremolo."
The guitar in that auction seems to be a modded standard Pro Tone, the humbucker being added. A quick check of standard Pro Tone prices is around the $300 asking price range,like this one.
They're actually really nice guitars, definately a few steps up from the average Squier models. If that actually was a Pro Tone "Fat Strat", it would go for more then the standard model as they are pretty rare.