Rider does not work due to "MsBuild model already detached from protocol" exception

The problem:

JetBrains Rider throws "MsBuild model already detached from protocol - a fatal error in the mono runtime or one of the native libraries" exception if Mono 4.2.x is used. 

The solution: 

Update Mono to the latest one (at least 4.6.x).

Hints:

• A path to Mono is specified here "File | Settings | Build, Execution, Deployment | Mono | Mono root folder path:";
• If you have more than one Mono installed, check that you pointed JetBrains Rider to the correct one in "Mono root folder path" setting;
• To check, what version is installed, open a terminal and execute: 
  
  /{Mono root folder path}/bin/mono --version