Checkout this submerged version. It was perhaps formed in a similar fashion to the Guatemala sinkhole during a much deeper sea level. The sinkhole formed, sea level rose substantially inundating the sink resulting in the blue hole we see today. Can see some similarities.
 
More at:
http://fksa.org/showthread.php?t=4260
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transcribed by:
Rick Iossi
Last edited by ricki; 06-02-2010 at 05:47 AM.
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