I remember selling dual-lands for 10$ back in the days, probably got robbed by my older friends.
1) It's from the Alpha set, the very first Magic Release. It's much rarer to find, since it wasn't as popular. http://www.mtgprice.com/sets/Alpha/Black_Lotus
2) It's graded a 9.5 out of 10 for it's condition. Practically perfect for an item that wasn't initially sought as a collectors item
3) The card itself is considered to be one of the Power 9, or some of the most powerful cards in the game. http://en.wikipedia.org/wiki/Power_Nine
Also, the card you linked is from the Unlimited set, which would be the 3rd printing of this card.
And because it's in (graded) mint condition, which is nearly impossible to find.
And because that's just what it's listed at, no one has actually bought it at that price.