Steve
Assuming it is a Permanent Magnet DC motor ...
If there are no blast craters between the copper segments, your motor may well be OK.
You are seeing the winding resistance. A lap wound armature is like this appalling effort.

From your symptoms it may be that the controller is kaput. There have been posts on Model Eng Clearing house. re: same
If the output FET's let go, I think you get the fusee blowee nonsense.
http://modeleng.proboards.com/index.cgi?action=display&board=toolsandtooling&thread=3987&page=1See post by 'Baggo' 31/5
Or this
http://modeleng.proboards.com/index.cgi?action=display&board=general&thread=4440&page=1Depends on how confident you are, but ..
If you replace the motor with, say, 2(no.) 230V 60W incandescent lamps in parallel, you can verify the controller to some extent.
It will work as a dimmer switch. Make sure it's at the low speed level when you start, don't wind it all the way up !! The controller may put out more than 230V DC Pk. If they light up full at 'zero rpm' the FET's are hard on, ie probably S/CCT, dead, etc. The fuse may not blow 'cos the load isn't big enough with the lamps. A stationary motor is pretty much a s/cct. until it moves.
If you have any doubts re:
SAFETY don't do it !!!!
Your decision, not mine !!
Dave BC