Why is the new 50/1.4 three times more expensive than the old one?

I think Sony is doing themselves a disservice here--the 85 and 135 and 24 CZ are all priced well according to similar lenses in other camps. A 50 1.4 lens is not that terriblely expensive to make, so charging this much seems excessive.  Nikon, Sigma, Canon all offer decent 50s for under $500. If Sony wants to charge this much, it better be a legendary performer wide open.