I've recently bought a LS400 and viewed this car before I bought mine. It's pretty tidy but has had some paintwork done by the seller.
It uses hub adapters, which provided they are a decent brand made using quality materials, aren't dodgy. Porsche have seen fit to use them sometimes on the back of their hotter 911s for example.
The front wheels on this car stick out beyond the arches, which seems to often happen on these because the front calipers are wide - so many aftermarket wheels need to be spaced out or specced with a low ET and good spoke backspacing in order not to foul. That pushes the rim further outboard than it really ought to be. Usual solution is to set front camber to the minimum using the knuckle adjustment bolts, and lower the car, thereby tucking the top of the rim inboard somewhat. If that's not enough then the arches are rolled and if necessary pulled / stretched too.
The seller has the OE 16s for it too. So you could return it to standard and sell the BMW wheels, whatever they're worth.
For info, wobble bolts will cope with perhaps 1-1.5mm of misalignment, so they would enable fitment of Audi / Merc 5x112 wheels for example (personally I wouldn't, but people must buy them or they wouldn't be made and sold). They don't have enough wobble in them to enable fitment of 5x120 wheels (or going the other way, 5x108 wheels) onto 5x114 hubs.
