I got my 2011 Z4 last June and noticed a clunking noise from the rear in July - similar to what you described. Brought it into my dealership. They kept it for several days and found it to be a bad wheel bearing and hub. They replaced the bad part and re-aligned the wheels. Everything has been fine since. My dealer was really persistent in getting to the bottom of the problem; otherwise, I would have had to keep bringing it back. Hope this helps.
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