I don't think this poster will be back, I know he got his answers elsewhere (he also got chewed out for shouting over there). But on the front wheel bearings, it's not uncommon for them to go early on an e39. They're a somewhat crappy design, and I've heard of them going as early as 60-70k. Not terribly hard to replace though.
All things considered in this situation, one would spend almost as much to repair & maintain this vehicle, as they would buying a newer 530 outright. The latter would be more up to date with better features, and less hassle. IMO anyways.