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Diagnose 125v 20a receptacle voltage

I am replacing a 20A 250V receptacle with a NEMA 5-20 and am seeing voltages I can't explain.

  • Hot-ground: 122v
  • Neutral-ground: 20v
  • Hot-neutral: 95v

What could be the problem here?

Details

  1. Turned off main
  2. Removed 2 pole circuit breaker
  3. Capped red wire
  4. Installed 1 pole breaker and connected black wire
  5. Turned on main
  6. Remove old receptacle, discover there are only 3 wires - white, black, ground (this receptacle is labeled 20A 250V)
  7. Installed NEMA 5-20 receptacle - black to brass, white to silver, ground to green as per instructions.
  8. Read above voltages

Where did my red wire go?

I am certain I replaced the correct breaker. No voltage when I turn the breaker off.

The wire appears to be 12 gauge.