Indeed, that KH is off the chart. I would NOT rely on that figure though, since it was a test strip. An API KH/GH test kit is a couple bucks, the Hagen one for $10 is purportedly better in terms of color reading ability (at least for the GH part).
I was speaking of GH earlier, which is all that Equilibrium will effect, to be honest I didn't even notice the KH reading. I'm glad you pointed that out.
If your KH really is that high your PH would be off the chart high too, so use that as a 'check' if you will. Otherwise, as gmccreedy said, the only real way to "fix" that will be diluting your water with RO water.