If you answer his question accurately he'll disappear so you have to attack him first or answer his question wrong. His only purpose is to provide a challenge getting into the Shrine. He'll give a total of 970,914 XP on normal difficulty. I killed him with only my Warlock left alive since everyone else went insane. After using all of my really tough spells I ran around trying to regenerate my mana. I used lots of shock and burn. It took a long time, a full game day I believe. But just protect yourself and you'll be fine.
-Jafin
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