Ok this is going to be a fairly long guide. I would like to apologise in advance for the low quality screenshots. I was too lazy to head to Karazhan myself so I used WoW map viewer.
All you need to do for this exploit is kill Moroes and complete the Opera Event to unlock the side door.
Enter through the side door of Karazhan and go left, then go onto the balcony. You will then need to walljump onto the top of the green dome.
Next walk along the ledge below like shown, and drop down onto the Karazhan entrance roof.
Now jump off the CORNER of the roof, if you dont do this, you will be 'zoned out' of the Karazhan instance.
Once you do this, follow the road until it ends at the ogre caves. When you get there, walk up the shown rock, and you will appear in 'Netherspace'.
Once you appear in Netherspace, walk to the right until you get to a wall (it can be hard to see as it is the same texture as the floor)
Now look for a corner, jump a little up the corner and you will be able to easily walk up the steep slope.
Once you are level to the prince Malchezaar balcony, walk over to it. You cant aggro the prince from here. In order to start the fight, simply jump onto the balcony and you will pop through the wall
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