Its amazing to see a domain like Gays.com to sell like at such a whooping price. It is titled as the record sale for the year and one of the highlights of the domain name industry.

Logo of first LGBT social networking site – gays.com

Purchased by German Internet entrepreneurs, Julius and David Dreyer of Germany, for the purpose of creating a LGBT social networking site.

Sedo, a domain marketplace, yesterday announced the sale of Gays.com through its online domain marketplace for $500,000.

[Source]

Update:
The website launched as a closed beta in Shanghai on 17 May 2008 and was timed to coincide with the fourth ‘International Day Against Homophobia and Transphobia’. On 10 September 2008 Gays.com became open beta.