Well, the BMW M5 E35 Cabrio was indeed built, but it never made it into production. In 1989, Motorsport engineers developed an M5 convertible, with two lengthened front doors and seating for four. It really did come very close to production – a price of 50,000 GBP was agreed, and space was even booked at the Geneva Motor Show. But one week before its intended debut, BMW “killed” it, believing it would have led to a demand for non-M 5 Series convertibles, which might have dented drop-top 3 Series sales.
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BMW Concepts and Prototypes 