Sears had some exclusive Christmas catalogue merchandise for this line back in the day that a few of the variant figures came from. Some of those pieces are really hard to find and it's possible that's where this figure came from. I've never seen one in person but I love this line and wouldn't hesitate to buy him. I would imagine if one came up on ebay, there'd be a bit of a bidding war to get him.
"Many Shubs and Zuuls knew what it was to be roasted in the depths of the Sloar that day I can tell you."