hasbian
(HAZ.bee.un) n. A former lesbian who is now in a heterosexual relationship.

Example Citations:
Say that you'd only just got used to telling your friends your daughter was a lesbian and do not relish having to inform them that she is now a hasbian.
—"Dear Dawn," The Dominion, November 20, 1995

Evelyn White reports that in feminist circles, lesbians who have gone straight — apparently all the rage these days — are known as 'hasbians.'
—Herb Caen, "Plenty of Monday," The San Francisco Chronicle, March 12, 1990

Earliest Citation:
—Patricia Roth Schwartz, "On the Hasbian Phenomenon," off our backs, June 1, 1989

Notes:
This word appears to be a play on the phrase has-been, a person who was once important or popular but is now largely forgotten. Given such a less-than-flattering association, can there be any doubt that this word was coined by women who are still lesbians?

UPDATE: The earliest citation (provided with thanks by Word Crafter) is from a footnote in the book Sex and Sensibility, by Arlene Stein, published in 1997.

A much rarer synonym for this term is wasbian (see also wasband):

"On the island she will meet up with her pal Mary Sharon (a slightly subdued, slightly aging radical-feminist-lesbian attorney), Teddie (ex-love of Rachel and only slightly less-true-believer), Rachel (who's hosting the reunion on her tiny island), Grace (enigma extraordinaire), and Julie (ex of Tyler's, now a 'wasbian')."
—Beren De Motier, "Mystery Forum," The Lesbian Review of Books, October 31, 1999

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