I think the price has gone up because the lens is rare. There are only about a dozen of them and I think Canon Professional Services owns two and Sports Illustrated owns two. I recall they weigh about 30 lb. and essentially every part of the lens is a one-off. I'm not completely sure, but I think the new price (when they were still "in production) was closer to $60,000 - $90,000
I got a kick out of this: "Remember that the XL1 EOS adapter multiplies the focal length of any EOS lens by a factor of 7.2, so this 1200mm lens had an effective 35mm equivalent focal length in the neighborhood of 8640mm, which isn't a lens anymore, but a telescope"
From here: http://www.dvinfo.net/canon/images/images17.php
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