I'm trying this suggestion from "hixer" on the Apple dsicussions board now:
"I like this approach, but I would add one other thing that took me a bit to figure out. If you have a large library uploaded, leave your new blank iTunes open for a while. It takes almost as long to eliminate the iCloud library as it took to upload it, but if you close iTunes right away, this process stops.
I would do as above, and resign in, noting that a hundred or two of the 6000 songs would be deleted. But after I left the blank library open for a couple of hours, it was completely empty."
Original thread
here.
Not sure if it is pertinent to your one album problem though. I'll post back in a couple hours to report if it worked for my entire library.