When was the last time a team bought a 1st round pick?

It can still be done, however not many teams are sellers. There is a cap of about 2 or 3 million you can spend on draft picks to keep the NY's of the league from buying ten or so and teams value young talent over that amount generally. A second rounder could be realistically bought, especially considering how many some teams own this year. Philly has 5, Milwaukee and Minnesota have 3 each. Hard to believe a squad would want to go into the season with that many rookies.

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There is a cap of about 2 or 3 million you can spend on draft picks to keep the NY's of the league from buying ten or so and teams value young talent over that amount generally.

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That makes sense.

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Realized? Or is that in terms of Forbes "value"

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Kinda my own guesstimate based upon the Bucks sale of $554M a few weeks ago. Forbes had the Bucks valued at $405M and the Pelicans at $420M in January 2014. Just did a "me too".

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Didn't we sell our pick of Cole a few years back?

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Not exactly, we traded Cole Aldrich and MoPete's contract for 2 late 1sts that became Quincy Pondexter and Craig Brackins.

Regarding the OP, it looks like the last time a 1st round pick was bought/sold was 2010:

2010 Chicago traded #17(Kevin Seraphin) and cash to the Wizards to take Kirk Hinrich and clear cap space for DWade.
2010 Dallas bought #25(Dominique Jones) from Memphis

The typical sellers are teams trying to clear cap space(there aren't really any marque names this offseason), and playoff teams that are close enough to the tax that a pick in the mid 20s isn't worth the guaranteed money.

The Clippers ownership issue makes guessing what they will do hard to figure, but they have the #28 pick and were trying to dump Jared Dudley at the deadline. If they are still trying to stay out of the tax, maybe you can do Pierre Jackson for #28 and Dudley? OKC has 2 late 1sts (21,29), maybe they only want one? Although Reggie Jackson is showing them exactly what a late 1st can do for you, so probably not.