The Versailles was made so that Ford (of which Lincoln is a luxury division) would have a car to compete with the successful Cadillac Seville. Unfortunately, Ford did not want to spend a lot of money on development, so the Versailles ended up being little more than a Ford Grenada clone. The Mercury Monarch was also based on this same platform.
There were a few differences in the Versailles, and some that made it unique and a pioneer within the car industry. It was the first car to use halogen headlights, and it was also the first to feature a clearcoat of paint over the regular paint. That's a practice that is now standard throughout most of the industry, as it gives new cars that glossy look that helps move them off the lot (let's face it, buyers love a good paint job).
The Versailles originally used the carbureted Windsor 351 V8 engine. This engine could not compete with the more advanced fuel injected V8 used by Cadillac in the Seville. It also had trouble keeping up with fuel and emissions standards, so Ford had to cut back and use a smaller 301 V8 in later models.
Parts from old Versailles are often used by Ford Grenada collectors, because they are mostly interchangeable. Some have converted their cars to "Ford Versailles".
Versailles values have been going up in recent years, mostly due to the low sales numbers when they were sold new. You can still find them on places like eBay.