The previous owner of local.ly, Hadi Naser of domain name registration and professional services company Libyan Spider, apparently owns several hundred such ‘premium’ .ly domains.
Conveniently, his company also runs a domain name brokerage service at domains.ly.
Back in 2010 Libyan Spider sold dai.ly for $17,000 to DailyMotion. Other ‘big’ .ly domain name sales include song.ly, which fetched a $50,000 price, and I hear Facebook acquired friend.ly about a month ago (unconfirmed at this point, looking into it).
The legal and technical advisor on the seller’s side for the local.ly deal was London-based agency Brands-and-Jingles. You have to wonder how much global.ly is worth.