Threads broken out of oil drain on Rancher

A buddy of mine has a 420 Rancher and was changing the oil when he noticed that a chunk of the threads had broken out of his drain hole. He showed me a picture and it looked like about a third of the threads were missing. He has had his Rancher for a few years and it is way past his warantee period.

Has anybody else ever run into this. He said he checked with some mechanics and they said it was a common problem. I haven’t ever heard of this being a problem.

Another buddy had bought a plug with something that looked like a toggle wall anchor on it the looks like it will work. Has anybody had any experience with this? Is this a long term solution?

The dealership said it would cost $1200 to fix it right and the machine is probably worth $2400.