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Based on my recent 5 series search, that's a ripoff price, shouldn't go for more than $5 - 7k even in the SF Bay area. Just said goodby to the E39's and bought an E60 530 6 speed for $6k in prime condition at 100k miles, with dynamic swaybars and active steering. After many miles in an E39 525iT, my current experiences in an E60 makes me think that anyone who spends big for an E39 is nuts. The E60 with 6 speed manual is way undervalued for the amazing car that you get for your money vs both E39 and E9x.
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And you may ask yourself, "Where is that large automobile?"
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