I seems that you have misinterpreted the meaning of the arguments of PointLight(). The third argument is the distance where the intensity of the light is actually zero. So add these lines in init()
:
light1 = new THREE.PointLight( 0xff0040, 1, 5000 );
light1.position.set( 500, 500, 500 );
Also remove the update of the light1.position from the render()
routine until you make sure it does what you think.