Wow, 230 PSI in that hole? Can only be explained by something occupying space in that cylinder - likely water. There is nothing else that can explain that high of a reading except for the far fetched possibilities that when the engine was built someone installed the wrong piston, or the cam shaft lobes for that one cylinder were ground incorrectly, but if that were the case the engine would have suffered pre-ignition (pinging) like mad.
If you cannot figure out whats going on I'd suggest you get a scope, snake it in through the spark plug hole, and have a look in there.
Dan
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