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Was the Colt Combat Elite made for one year only?

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I have a friend who has one in .45ACP and he wants to sell it to me. He's telling me that it was only made in 1990. His price is $900.00.

While it's a beautiful gun in 98% or so condition with about 100 rounds fired through it, the book values that I've been able to find on this handgun say $500.00 and don't say anything about it being a limited one year run.

I guess what I'm asking is, is the price right and was it a limited edition run.

Thank you