Sold 6/29/11 - Sold to Enthusiast Auto
6/10/11 Update - This coupe was featured on BringATrailer.com with a new price of $36,500 down from $36,900
4/29/11 Update - Price reduced to $36,900 from $37,900. I talked to the owner. He found the car in White Plains, NY, in 2005 and had it transported to CA. Two years ago he took a job with de Ferran Motorsports in Indianapolis and had the car transported there with the intent of using it more but hasn't due to the weather and road conditions. I think the price is fair for one of the very nicest coupes out there.
8/20/10 Update - Price reduced to $37,900 from $38,950
7/13/10 Update - Ebay auction ended with a high bid of just $25,655 which did not meet reserve
7/6/10 Update - Relisted on Ebay with a buy-it-now of $38,950 down from $39,900
7/4/10 Update - Ebay auction ended with a high bid of $29,600 which did not meet reserve
I think this is the new record for lowest mileage M Coupe I have seen for sale since starting my search. There are 313 in this color combination but only 51 with the S54 engine, 22 in 2002, and 15 of those with sunroofs. It appears to be in the condition you'd expect of such an ultra low mileage car with the exception of the one wheel having some curb rash. I'm not sure why they didn't have that wheel refinished or replaced before selling it.
It will inevitably draw comparisons to the other ulta low mileage coupe currently for sale: the steel gray over imola red one. The steel gray car is obviously a more rare color combination with just 23 made in total and just 2 without sunroofs. It is also blemishless. This one has a buy it now price almost $10k less though. I can't really comment on the price as I haven't really seen any comps for a car like this. I'm curious to see how it does.
It may also draw comparisons to the pre-production M Coupe of the same color combination and only 13,000 miles currently for sale in Canada for the same price. Personally, I'd probably prefer the Canadian coupe even with 9,000 more miles because it's background story is a lot cooler and the condition comparable.
Some have noticed, as I did, that it's in Zionsville, IN where Zionsville Autosport (a BMW salvage yard) is located. I couldn't find any obvious connection between the Ebay usernames, and the title report seems to be in good order. You can click on the Ebay link above to see it's AutoCheck report (it wouldn't let me link directly to it).