I saw (actually drooled over) this car "in person" a few days ago.
It is at Classic BMW in Plano, Texas. Plano is a suburb of northern Dallas and is a top notch dealership. I got my 335 and have my service done there. They call this "Project 3" and they have a twin on the floor...a 135.
The car is very cool and attracks a lot of attention. I really could not tell what was done to the car beyond the stripe and cosmetic treatments, but is really was the star on the sales floor.
Lots of money though.....