This is the "trifecta"...there's lots of DIYs and discussion about this common BMW e38/e39/e53 malady. If you do a google search using "bmw trifecta"...you will no doubt find many results posted by Bluebee (BimFest forum member) who has culled many threads & DIYs about how to troubleshoot and fix this issue.
Even using the BMW GT-1, most times you'll come back with the problem being a sensor...when all is said and done, most times its the ABS module. Again, if you do some research and pull up the many discussions Bluebee has put together along with how to diagnose this issue...the time taken to read what others have already experienced may save you money and time...and find the real culprit causing the issue.
Good luck.
(for example...read this thread, and pay attention to post #6 which has some very good info as to how to interpret the info you get from using a GT-1 scanner & why the info pointing to a wheel sensor may be incorrect:
ABS Trifecta lights- how I would approach - Bimmerfest - BMW Forums )