E36/8 Z3/M Coupe — “I Have No Idea” Edition

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I stumbled across these Coupe photos posted by Serge.D on gtplanet.net. I honestly can’t figure out what the Coupe is. It has a Z3 rear bumper and a diffuser I’ve never seen before, dual exhaust, M mirrors, M front bumper, chrome trim ringed headlights, and chrome trimmed kidney grilles. The hatch also looks like a Z3 Coupe hatch, not an M hatch. Anybody have more info, or at least a guess about this Coupe?

http://farm6.static.flickr.com/5060/5392741359_fd2fe5b8af_z.jpg

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