Well i know a alot that the red dragon drops.The Phoenix blade (member blade),Templars's helm of Light (non-member),Dragon wings (member),Dragonhead archon (member staff),Celestial staff (member staff),Elegant backstabber (member dagger) and Krom's conquest (member axe).I also i have more information.The phoenix blade looks like Thok's blade,the Dragonhead archon looks like Arcana's staff,the Elegant backstabber looks like Metrea's dagger and Celeastial staff looks like Juvania's staff.
Im sorry to say, but it doesnt drop anything. But he drops lots of experience and gold.
crescent staff,templers helm of light and archdon dragon head i think
Unfortunately, word has it that the drop is from the red dragon itself.
The Red Dragon!
There used to be a red dragon glitch where you never die but it got deleted
by becoming level 30
If you want to, u need to beat the red dragon 8 times. answer from DrakoFighter
beat red dragon in valaskar lair
You get the Phoenix Blade as a drop from the final boss of the Vasalkar Lair in Shadow Fall. The boss you fight to get it, is known as the Red Dragon. The boss has exactly 32102 health, and is a three star enemy.
Usually drop by dragon monsters (Blue Dragon or Red Dragon). Try hunting .
You need to eb a member with the pet he wants. Go to the pet shop for the baby red dragon to start
magic
Red Dragon IN Lair 10% chance it will drop