  The identification of galaxies with `overly massive' black holes requires two
measurements: a black hole mass (M_bh) and a host spheroid mass (M_sph,*). Here
we provide our measurements for NGC 1277. Our structural decomposition reveals
that NGC 1277 is dominated by a `classical' spheroid with a Sersic index n=5.3,
a half-light radius R_e=2.1 kpc, and a stellar mass of 2.7x10^{11} M_sun (using
M_*/L_V=11.65, Martin-Navarro et al.). This mass is an order of magnitude
greater than originally reported. Using the latest (M_bh)-n, (M_bh)-(M_sph,*)
and (M_bh)-sigma relations, the expected black hole mass is respectively
(0.57^{+1.29}_{-0.40})x10^9 M_sun, (1.58^{+4.04}_{-1.13})x10^9 M_sun, and
(2.27^{+4.04}_{-1.44})x10^9 M_sun (using sigma=300 km/s) for which the
`sphere-of-influence' is 0".31. Our new kinematical maps obtained from laser
guide star assisted, adaptive optics on the Keck I Telescope dramatically
reaffirm the presence of the inner, nearly edge-on, disk seen in this galaxy's
image. We also report that this produces a large velocity shear (~400 km/s)
across the inner 0".2 (70 pc) plus elevated values of sqrt{sigma^2+(V_rot)^2}
across the inner 3".8x0".6 region of the galaxy. Our new multi-Gaussian
expansion (MGE) models and Jeans Anisotropic MGE (JAM) analysis struggled to
match this extended component. Our optimal black hole mass, albeit a probable
upper limit because of the disk, is 1.2x10^9 M_sun (M/L_V=12.3). This is an
order of magnitude smaller than originally reported and 4 times smaller than
recently reported. It gives an M_bh/M_sph,* ratio of 0.45% in agreement with
the median (~0.5%) and range (0.1 to 5.0%) observed in non-dwarf, early-type
galaxies. This result highlights the need for caution with inner disks.
