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Tips for soloing the rare that drops this include: save interrupts for Torrent and stuns for Rain Dance. If you're Revered with the Klaxxi, the Raining Blood Klaxxi Enhancement is awesome as it does 200-300K damage when the DOT explodes. Mind controlling minions is great as well to help make killing this guy a breeze. :) Finally got mine today and it went faster than normal due to the Raining Blood Enhancement.
Got this guy today. I wasn't aware Karr dropped it as he actually dropped an Elixir for my guild mate and I when we first killed him. Pleasant surprise!