Sold 9/26/10 - I heard this coupe sold. I'm not sure what the sales price was.
9/23/10 Update - With a little help I was able to dig up a little more background on this coupe. Sam sent me a couple screenshots of the CarFax report showing it spent some time in Colorado. This rang some bells and I dug up a couple 3.5 year-old Bimmerforums threads of the last owner selling it for $17,000 (see above).
9/23/10 Update - I got a lot more information on this coupe from Eric who test drove it:
The bolster is in OK condition - I would have expected better given the mileage
Seller said he bought the car from a place that specializes in salvage vehicles
Seller was reluctant to have a pre-purchase inspection done unless the shop was very close to (or in) Glendale. He did finally agree to taking it to the M Shop in Glendale (I probably won't take him up on it)
Seller said he's selling because he doesn't drive the car much (now has an E90 M5)
Seller claims that the car was maintained by his uncle who is a mechanic
He got the car with 2000 miles, sold it once to a friend and then bought it back
He said the differential was changed to one with an improved ratio for faster acceleration
There is an after market radio (Clarion) installed
There is an after market alarm (Viper) installed
The hood release cable somehow managed to lodge itself between the fender and hood (missing a clip apparently)
The car has some no-name tires on it (recently installed)
Someone installed a little red button (think Radio Shack push button) that puts the car into "Sport Mode"
The car drives and shifts well, it drives straight even under hard braking (with no hands on the wheel)
Paint condition is OK, obvious swirl marks in the paint. Front hood emblem is peeling
Interior condition is OK, it's a bit dirty and could use some TLC, but can probably be cleaned up nicely (with the exception of the bolster wear)
Engine bay is very dirty, but can probably be cleaned up
Lower front bumper/skirt has a quarter-sized chunk missing out of the driver-side "fang"
9/21/10 Update - A little more information from the seller and a few photos. I obviously love the colors. It looks pretty stock besides the euro clear corners, an aftermarket stereo headunit, and what looks like a mesh front kidneys (not a fan). The interior looks to be in really nice shape.
Who wants to match me? :) The obvious huge downside is the salvage title. You always need to proceed very cautiously with a branded title and get a very thorough PPI. No photos yet so it's hard to know it's current condition. The current owner has owned it twice which kind of makes me thing it's in ok shape.