E39 Master Key Options

I called my local dealer and a replacement master key will cost $240. My research tells me there is no alternative for a master key aside from the dealership. What did you pay for your replacement master key?



And could I buy this key:



http://ift.tt/ZSVJ5M



and then program it to my car? Or is strictly the key with battery and no chips?



Thank you. Your input is greatly appreciated.

E39 Master Key Options