There was indeed a
Pentax 50mm f/1.2... (you can find more info on this and other lenses at
Bojidar Dimitrov's site)... or rather two, if you include the older 'K' version and the more recent 'A' version...
... however, I may be wrong, but since you refer to "more expensive lenses", I suspect the lens you are looking at is not an f/1.2 at all... but rather an f/2.
On the front of the lens is written "1:2" (see
here for an example), which means that it is an f/2... but sometimes people will misread 1:2 and so list an f/2 lens on
eBay as an "f/1.2" lens. Personally I suspect this misreading is not always accidental and frankly this should be a capital offence (well, almost)... but I digress...
Anyway the 50mm f/2 is a decent lens for the (usually very little) money... but if you want a 50mm prime, you might be better looking at the SMC-FA 50mm f/1.4 which Johnboy linked to... this is a better lens, which obviously has a larger max aperture than an f/2 lens, and has autofocus. If that is a little out of your budget then you could look at some of the older manual focus f/1.4 and f/1.7 lenses which are all over
eBay; these are still pretty cheap but are likely to be better than the f/2.