We actually got told that in school, kinda. George Villiers, 1st Duke of Buckingham, was
probably his gay lover (and not his first). King James apparently had a thing for his legs:
It's impossible to say with any certainty. A lot of King James's contemporaries said they were banging (but saying "dude the King is definitely gay lol" was also a way of discrediting him) and the king wrote a lot of very gay sounding letters (but platonic male friendships back in the day could have romantic overtones, and sharing a bed with someone - which the King and Duke did on the regular - was sometimes a thing friends did). It's at least more convincing than "Kurt Cobain was trans".