A specific type of homosexual man. He's "fancy" because he dresses sharply and is well groomed, like many of his ilk, but strictly in a homosexual sense.
Other euphemisms would include "Light in the loafers", "Gay", "Dandy", etc.
Such men usually accumulate many fag hags that are usually either very pretty or very ugly. Rarely are they "tweeners".
Most men's gayder will pick them up in short conversations though they are usually not outwardly gay in manner.
Tipoff's include a university vocabulary with a light lisp at times(especially when inebriated, ie. Barney Frank-though Frank is too slovenly to be considered "fancy"), manicured nails, well tailored suits with nice shoes and a fastidious overall appearance. Other indicators include left leaning politics and though many are not "out of the closet" they will often claim to "not have met the right girl" despite not having been married well into their 40's and 50's.
Confirmed "Fancy Gentlemen":
Suspected "Fancy Gentlemen":
George Stephanapolous(though married)
There are elements of fancy gentlemen in the following but several disqualifiers that prevent accurate labeling:
Barney Frank(poorly tailored suits and questionable habits/manners)
Lance Bass(poor wardrobe and questionable vocabulary)
Andrew Sullivan(doesn't consistently dress well enough and looks too "butch" at times to be considered "fancy")
Scene: A ballroom dance style political fund raiser for an "over the top" liberal campaign.
Rob: "Hey Mike, get a load of the Fancy Gentleman over there sucking up all the pretty girls."
Mike "Great, another night of slapping the salami so the Dandy over there can pump up the self esteem of the dumb pretty girls who are either afraid of real men or don't yet understand he's gay".
Rob: "Let's blow this joint."
Mike: "Poor choice of words."
Rob: "I hear the GOP is having their fundraiser over at the strip club off of 50th St. in downtown."
Mike: "We're outta here."