Major Power Drain?

Jeep CJ7 1986 68k miles with a Chevy 350.

Started it up this morning, the engine fired up fine sputtered and stalls (like it does every morning the Choke needs a little fiddiling usually)

I turned the key to the off position and noticed my voltmeter was still displaying 12 volts (it's hot to key normally) I made sure the key was out and I watched the volts sink (rapidly: 30 seconds from 12v - 0v)

Key in turn the igntion no power anywhere in the vehicle. I didn't have my multimeter handy so I couldn't check on the battery volts, but there was no power anywhere in the vehicles and when I removed the battery cable there was no sparking or anything so I assume it's dead.

Here's the relative age of everything electrical in the engine box: distribtor was replaced in it's entierty 2 months ago along with the plugs, wires, coil. The starter is 1 year old along with the battery (it's a high quality gold top type).

I was already late to work so I didn't get a whole lot of time to diagnois the problem. My idea is faulty ignition switch in the steering column, so that and the soleniod (which is at least 4 years old are my fist steps) any ideas?