Sold 1/11/12 - I heard there's a deposit on it, so a sale is pending.

12/21/11 Update - I got a great email from the previous owner of this coupe. It has some very nice non-visible upgrades like a 3.73 differential, shift pin service complete, upgraded clutch and flywheel, and lots of recent maintenance including the cooling system. Here are his words:

I am the previous owner of the car. I recently traded it in for the steel gray coupe that the dealership had.

To answer some of your questions:

1) The entire cooling system was updated. See the detailed list below.
2) All bushings on the car were replaced with either Powerflex polyurethane or BMW rubber. The work was performed by Gary (a.k.a. Ghery / SoundofSpeed on Bimmerforums) The specifics are listed below.
3) The Roadstars are indeed chrome shadow. The wheels actually came from the steel gray car. I chose to swap the wheels because I recently purchased new tires less than a week prior to the trade.

The car has been a California car its entire life. I believe I was the car's third owner. I purchased the car in October 2008 with 69k miles. The car was my daily driver and 90% of the miles I put on the car were on the highway. (The commute to work everyday was 60 miles, about 58 of which were highway at highway cruising speed) Since the car was my daily driver, reliability was very important to me, and thus, maintenance and service was kept up to date.

The oil was changed every 5,000 miles with 5W40 synthetic. (At 115,000 miles, I experimented with Castrol's 0W30 European formula as recommended by the BITOG forums; the specifications of the oil are very similar to the 5W40 weight oils. The slightly lighter weight oil was supposed to be better for the motor on cold starts and improve MPG. I observed no difference and switched back to my usual 5W40 since the price was cheaper).

I switched to NGK BKR6E copper spark plugs at around 95,000 miles from the original platinum plugs as recommended by the E36 M3 crowd. I made the switch mainly for two reasons: 1) copper is a better burning element and 2) copper should be replaced every 10,000 miles. This was important to me because it allowed me to keep an eye on the motor on a regular basis. I guess this is what others describe as part of my OCD behavior.

Here is a list of all the work performed on the car under my ownership. (All associated receipts for the work including the routine maintenance items described above were given to the dealer)

Engine Cooling
Water Pump (Stewart High-Performance, All-Metal)
Aluminum Thermostat Housing
Thermostat, 80 Degree
Radiator, S54 three-row
Radiator Expansion Tank
Radiator Fan Switch, 80/88
Fan Clutch
Hoses, Gaskets, Clamps, etc

Transmission/Drivetrain
Shift Pin Service
3.73 LSD Differential
Flywheel, Lightweight Steel (Clutchmasters FW-140-SF)
Clutch, Kevlar Steel Backed (Clutchmasters FX-200)
"CDV Delete" (Not really a CDV delete on these cars, but clutch line was replaced with BMW 21-52-6-753-766 for better clutch feel)
Motor Mounts (BMW OEM Rubber)
Transmission Mounts (BMW OEM Rubber)
Differential Mount (BMW OEM Rubber)
Flex Disc / Guibo (BMW OEM Rubber)
Transmission Fluid (Royal Purple @ 111,069 miles by Gary; previously Amsoil Syncromesh; Amsoil was better and should switch back at next service interval)
Differential Fluid (Royal Purple @ 111,069 miles by Gary; previously Amsoil Severe Gear; No noticeable difference between fluids)

Engine
Belts (Goodyear Gatorback, Main: 6PK1550, A/C: 5PK0900)
Belt Tensioners
Belt Pulleys
Oxygen Sensors
Tune (Conforti Shark by previous owner)

Suspension
Rear Subframe Bushings (Powerflex Polyurethane)
Rear Trailing Arm Bushings (Powerflex Polyurethane)
Front Control Arm Bushings (Powerflex Polyurethane)
Front/Rear Sway Bar Endlinks (BMW OEM)
Tie Rods (BMW OE Lemfoerder)
Front Strut Mount Hats (BMW OEM)

Wheels/Tires
Roadstars, Chrome Shadow
Michelin Pilot Sports (F/R: 225/45/17 and 245/40/17)

Interior
Glove Box Fix with metal reinforcement bar
ZHP Shift Knob

Miscellaneous
BMW Keyless Entry (no alarm)

Problems
Rear view mirror leak

Interested parties can send me an email with questions.

If you'd like to contact him, feel free to email me for his email address.

I'm not sure where this dealership is finding such nice high mileage examples. This one is a sunroof delete in a pretty rare color combination. For the mileage it looks like it's in pretty good shape. It appears to be primarily stock. I noticed the ZHP shift knob and what look to be Powerflex rear suspension bushings. I'm not 100% sure, but it kind of looks like it's roadstars are chrome shadow as well. The important thing to ask about with an S52 of this mileage is if the cooling system has been updated. Overall I think the price is pretty fair for a rare coupe in good shape.