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Might simply be a rusted coil spring breaking one of it's coils, or the 'cup' it sits in on the suspension strut rusting and breaking off the strut.
Doesn't sound like self-levelling failure, as this simply maintains the vehicle ride height when you load the car with heavy items. And it only works when the engine is running and driving the hydraulic pump.
The basic vehicle ride height is set by the coil springs, and a loud 'bang' followed by a sagging rear end sounds like a basic mechanical breakage, either the coil spring or the spring locating cup on the strut. Shouldn't cost too much to fix, hopefully.
Doesn't sound like self-levelling failure, as this simply maintains the vehicle ride height when you load the car with heavy items. And it only works when the engine is running and driving the hydraulic pump.
The basic vehicle ride height is set by the coil springs, and a loud 'bang' followed by a sagging rear end sounds like a basic mechanical breakage, either the coil spring or the spring locating cup on the strut. Shouldn't cost too much to fix, hopefully.
The self levelling suspension is based on a big air bag on each side. If one of those bursts or fails the car will sit down faster than a dog after a dog treat 
Not saying the same may not happen if a spring goes, just confirming that these are the same characters of bag failure and, it did eactly the same as the OPs car when a friend of mine was driving her 540 tourer 18 months ago and a suspension bag went.

Not saying the same may not happen if a spring goes, just confirming that these are the same characters of bag failure and, it did eactly the same as the OPs car when a friend of mine was driving her 540 tourer 18 months ago and a suspension bag went.
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) onto a flatbed as we speak. Annoyingly, the car's booked in for new disks/pads/thermostat in two weeks.
