Developer Sam Mizrahi has been kicked off of his own flagship project — the rising 91-storey condo and hotel tower at Yonge and Bloor known as The One — according to a bombshell audio recording obtained by the Toronto Star.

The Star's report reveals that Mizrahi announced that the company would no longer oversee the embattled project during a closed meeting on Monday, the final dagger in a process that has seen the developer removed from key roles in the project since the site was placed into receivership last fall.

Skygrid Construction is to take over the role of general contractor on March 13, giving Mizrahi's team just over two weeks to pack up and leave.

The recording obtained by The Star quotes Mizrahi as calling the situation "mind-boggling," to employees, and questioning "how somebody else is going to do it better than we are."

The article indicates Mizrahi may not have seen this blow coming, saying, "it was not what I expected, it was not what I was led to believe. But they made a choice to go in a different direction … with someone else. We can't change that."

Signs of trouble were already brewing for Mizrahi's enormous new tower even before it was placed into receivership back in October, with rumours of spiralling debts and conflicts with lenders.

Toronto's 91-storey megatower is in major trouble after bombshell court order 👀 https://t.co/9pDk70iH3e #Toronto #RealEstate

— blogTO (@blogTO) October 19, 2023

An order from the Ontario Superior Court of Justice on October 18 appointed Alvarez & Marsal Canada Inc. as receiver and manager "without security, of all of the assets, undertakings and properties of Mizrahi Development Group," and related companies, "including in connection with the development of the condominium, hotel and retail tower located at the southwest corner of Yonge and Bloor in Toronto."

The court order stated that the project had incurred debts totalling over $1.23 billion.

That same month, Knightsbridge Development Corporation was appointed as the new project manager, taking over that aspect of the job from Mizrahi's team.

On Monday, Alvarez & Marsal confirmed reports that Sam Mizrahi had been pushed out, releasing a statement explaining that the developer "will have no continued involvement or association with the development and construction of The One Project."

Developer Sam Mizrahi made a splash in 2015 with the announcement of a new tallest building for the skyline, bringing on famed U.K.-based architects Foster+Partners to design an 85-storey tower — increased to 91 storeys with new approvals from the City in 2023.

The project is no longer expected to meet its projected March 2025 completion date.