[lowrydr310]

If you have the time and a little money, drop the oil pan and remove the valve cover and clean all the old bits of belt out of there, then replace the crank seal along with new VCG and OPG. Worth a try before you trash the car. I definitely wouldn't spend $9000 to fix it.

I recall reading a story last year here, I'll have to search and find it. Something similar happened; bought a perfectly running 335i then one day the oil pressure warning came on. Turns out there was an old shredded belt left inside and he'd been running who knows how long like that. Had the glitter in the oil pan. He cleaned it up and bolted it back together then drove the crap out of the car after that without any issues.