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There are plenty of messages from Klaus or Klaus D. talking about the importation and european M5 E34, in all these messages he refers to Eagleimax, Inc. in Florida and that they can do the importation and that they have all these nice M5 for sale, first of all it is not legal to sell a car in the U.S. which is not fully DOT and EPA released, it's even illegal to offer such a car for sale for a U.S. cardealer in the U.S., after research I found this company is not listed under the current NHTSA web page for registred importer,
so I don't think it is safe to import a car via Eagleimax, I rather recomend everybody who plays with the idea to import a E34 M5 to do a lot of homework, it is very difficult to pass EPA standards, and it does not matter how old the car is, it is the engine managment in general, the camshaft is very hot on this engine, and the valve overlaps is just to big, so please watch out and do your homework.
It will cost a lot more than the mentioned $ 7.400 to import a E34 M5 at the end after the purchase price you will find yourself over $10K for the importation only for sure, probally more arround $14k.
Stephan