What's not cloth on the M3 is vinyl in the great majority of cars. And all regular 3 series have vinyl (aka leatherette) everywhere as standard. My guess is the speed cloth version has vinyl there, or at least an inferior grade of leather (even if it's still called 'novillo'), but could be wrong. Even the Novillo extended leather in my car is not that great folks.
The good news DavidZ is you can condition vinyl with leather conditioner, but not the other way around, so don't worry
. And haven'ta seen one myself, so can't comment. Just condition the darn thing and whatever it is, it'll look good