Though BMW never made a proper E36 M3 Wagon, this example currently up for auction is as close as one could get! It's true.

Pop the bonnet on Damon’s E36 M3, and you will be greeted by a very clean shaved bay and the sight of a very large turbo mounted to the side of the S52, and it’s making some very large numbers ...

is one of the rarest versions of the BMW M3 ever created ... 3.0L Twin-Turbo Inline-6 Gas Base Trim Horsepower 473 hp Base Trim Torque 406 lb-ft When BMW wanted to race the new E36 M3 in 1994 ...