SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549


                               FORM 10-Q



     [ X ] Quarterly Report Pursuant to Section 13 or 15(d)
                of the Securities Exchange Act of 1934


           For the Quarterly Period Ended September 30, 2005

                                  or

     [   ] Transition Report Pursuant to Section 13 or 15(d)
                of the Securities Exchange Act of 1934

             For the transition period from _____ to _____



                       Commission file #0-50273



                          KAANAPALI LAND, LLC
        (Exact name of registrant as specified in its charter)



       Delaware                           01-0731997
(State of organization)        (IRS Employer Identification No.)



  900 N. Michigan Ave., Chicago, IL                   60611
(Address of principal executive office)             (Zip Code)



Registrant's telephone number, including area code 312/915-1987



Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).  Yes [  ]  No [ X ]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes  [   ]   No [ X ]

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 (the "Exchange Act") during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes [ X ]  No [   ]

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.  Yes [ X ]  No [   ]

As of October 31, 2005, the registrant had 1,792,613 shares of common stock
outstanding.


<PAGE>


                           TABLE OF CONTENTS




PART I     FINANCIAL INFORMATION

Item 1.    Condensed Consolidated Financial Statements. . . .     3

Item 2.    Management's Discussion and Analysis of
           Financial Condition and Results of
           Operations . . . . . . . . . . . . . . . . . . . .    13

Item 4.    Controls and Procedures. . . . . . . . . . . . . .    16



PART II    OTHER INFORMATION

Item 1.    Legal Proceedings. . . . . . . . . . . . . . . . .    16

Item 6.    Exhibits and Reports on Form 8-K . . . . . . . . .    16


SIGNATURE   . . . . . . . . . . . . . . . . . . . . . . . . .    17



<PAGE>


PART I  FINANCIAL INFORMATION

     ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


                          KAANAPALI LAND, LLC

                 Condensed Consolidated Balance Sheets

               September 30, 2005 and December 31, 2004
               (Dollars in Thousands, except share data)
                              (Unaudited)


                              A S S E T S
                              -----------

                                        September 30,    December 31,
                                           2005             2004
                                        ------------     -----------

Cash and cash equivalents . . . . . . .     $ 61,168          45,744
Receivables, net. . . . . . . . . . . .          294             445
Property, net . . . . . . . . . . . . .       91,418         104,036
Prepaid pension costs . . . . . . . . .       27,072          26,630
Other assets. . . . . . . . . . . . . .        2,348           2,546
                                            --------        --------
                                            $182,300         179,401
                                            ========        ========


                         L I A B I L I T I E S
                         ---------------------

Accounts payable and accrued
  expenses. . . . . . . . . . . . . . .     $  1,369           1,647
Deferred income taxes . . . . . . . . .       29,720          25,120
Accumulated postretirement benefit
  obligation. . . . . . . . . . . . . .        3,098           3,267
Other liabilities . . . . . . . . . . .       43,020          44,171
Mortgage payable. . . . . . . . . . . .        --              7,178
                                            --------        --------
        Total liabilities . . . . . . .       77,207          81,383

Commitments and contingencies


                 S T O C K H O L D E R S'  E Q U I T Y
                 -------------------------------------

Common stock, at 9/30/05 and
  12/31/04 non par value
  (shares authorized - 4,500,000;
  shares issued 1,792,613). . . . . . .        --              --
Additional paid-in capital. . . . . . .        5,357           5,357
Accumulated earnings. . . . . . . . . .       99,736          92,661
                                            --------        --------
        Total stockholders' equity. .        105,093          98,018
                                            --------        --------
                                            $182,300         179,401
                                            ========        ========






              The accompanying notes are an integral part
          of the condensed consolidated financial statements.


<PAGE>


                          KAANAPALI LAND, LLC

            Condensed Consolidated Statements of Operations

        Three and Nine Months Ended September 30, 2005 and 2004
                              (Unaudited)
             (Dollars in Thousands, except per share data)




                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------
Revenues:
  Sales . . . . . . . . .  $  7,272      1,544     33,584      5,401
  Interest and
    other income. . . . .       519        548      1,224      1,661
                           --------   --------   --------   --------
                              7,791      2,092     34,808      7,062
                           --------   --------   --------   --------
Cost and expenses:
  Cost of sales . . . . .       973      1,055     16,543      2,983
  Reduction of post-
    retirement benefit
    obligation. . . . . .     --          (890)     --        (2,669)
  Selling, general and
    administrative. . . .     2,423      1,734      5,638      5,378
  Interest. . . . . . . .     --           201        168        499
  Depreciation and
    amortization. . . . .       257        248        785        785
                           --------   --------   --------   --------
                              3,653      2,348     23,134      6,976
                           --------   --------   --------   --------

  Operating income
    (loss) from
    continuing
    operations before
    income taxes. . . . .     4,138       (256)    11,674         86

  Income tax benefit
    (expense) . . . . . .    (1,600)        99     (4,600)       (34)
                           --------   --------   --------   --------

      Net income (loss) .  $  2,538       (157)     7,074         52
                           ========   ========   ========   ========

Earnings per share:
  Net income (loss) . . .  $   1.42       (.09)      3.95        .03
                           ========   ========   ========   ========














         The accompanying condensed notes are an integral part
          of the condensed consolidated financial statements.


<PAGE>


                          KAANAPALI LAND, LLC

            Condensed Consolidated Statements of Cash Flows

             Nine Months Ended September 30, 2005 and 2004
                              (Unaudited)
                        (Dollars in Thousands)



                                                 2005        2004
                                               --------    --------

Net cash provided by (used in)
  operating activities. . . . . . . . . . .    $ 24,592      (9,596)

Cash flows from investing activities:
  Property additions. . . . . . . . . . . .      (1,990)     (1,600)
  Note receivable . . . . . . . . . . . . .       --         14,366
                                               --------    --------
Net cash provided by (used in)
  investing activities. . . . . . . . . . .      (1,990)     12,766

Cash flows from financing activities:
  Repayments of debt. . . . . . . . . . . .      (7,178)     (1,080)
                                               --------    --------
  Cash used in financing activities . . . .      (7,178)     (1,080)
                                               --------    --------

        Net increase (decrease) in cash
          and cash equivalents. . . . . . .      15,424       2,090
        Cash and cash equivalents at
          beginning of period . . . . . . .      45,744      28,995
                                               --------    --------
        Cash and cash equivalents at
          end of period . . . . . . . . . .    $ 61,168      31,085
                                               ========    ========


Supplemental disclosure of cash
  flow information:
    Cash paid for interest. . . . . . . . .    $    168         394
                                               ========    ========
























              The accompanying notes are an integral part
          of the condensed consolidated financial statements.


<PAGE>


                          KAANAPALI LAND, LLC

         Notes to Condensed Consolidated Financial Statements

                              (Unaudited)
                        (Dollars in Thousands)


     The accompanying unaudited condensed consolidated financial
statements are prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and with
the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States
for complete financial statements, and therefore, should be read in
conjunction with the Company's Annual Report on Form 10-K (File No. 0-
50273) for the year ended December 31, 2004.  Capitalized terms used but
not defined in this quarterly report have the same meanings as the
Company's 2004 Annual Report on Form 10-K.


(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     ORGANIZATION AND BASIS OF ACCOUNTING

     Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability
company, is the reorganized entity resulting from the Joint Plan of
Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC
("KLC Land")), certain of its subsidiaries (together with KLC Land, the
"KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC
Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated
June 11, 2002 (as amended, the "Plan").

     The Plan was confirmed by the Bankruptcy Court by orders dated
July 29, 2002 and October 30, 2002 (collectively, the "Order") and became
effective November 13, 2002 (the "Plan Effective Date").  Kaanapali Land
continued to implement the restructuring transactions that were
contemplated to be effected under the Plan, including, among other things,
the resolution of all outstanding claims and distributions on all claims
that were allowed under the Plan.  On August 31, 2005, pursuant to a motion
for entry of final decree, the bankruptcy cases were closed.

     The Company's continuing operations are in three business segments -
agriculture, property and golf.  The Agriculture segment grows seed corn
under contract and leases land currently cultivated in coffee to a third
party, while maintaining additional coffee acreage for possible future use.

The Property segment primarily develops land for sale and negotiates bulk
sales of undeveloped land.  The Golf segment is responsible for the
management and operation of the Waikele Golf Course.  The Property,
Agriculture and Golf segments operate exclusively in the State of Hawaii.
For further information on the Company's business segments see Note 9.

     PROPERTY

     The Company's principal land holdings are on the island of Maui.  The
Company has determined, based on its current projections for the
development and/or disposition of its land holdings, that the property
holdings are not currently recorded in an amount in excess of proceeds that
the Company expects that it will ultimately obtain from the disposition
thereof.

     USE OF ESTIMATES

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes.  Actual results could differ
from those estimates.



<PAGE>


     In the opinion of management, all adjustments necessary for a fair
presentation of the statement of financial position and results of
operations for the interim periods presented have been included in these
financial statements and are of a normal and recurring nature.

     Operating results for the three and nine months ended September 30,
2005 are not necessarily indicative of the results that may be achieved in
future periods.


(2)  LAND SALES

     On January 20, 2005, the Company sold its mill sites and associated
lands on the Island of Kauai for approximately $1,300 before closing costs
and prorations.

     On June 21, 2005, the Company closed the sale of Lot 3 for a base
purchase price of $22,500, pursuant to an option that the purchaser of
Lot 4 (a parcel which is contiguous to Lot 3 and sold by the Company in
2003) held on the property.  The purchase price was paid in cash (before
closing costs and prorations) at closing.  Pursuant to a purchase price
adjustment agreement entered into at closing as required in the option
agreement, the purchase price was subject to potential increase under
certain circumstances.

     The purchaser's performance of its obligations under the purchase
price adjustment agreement was secured by a mortgage in favor of NB Lot 3
and covering the property, which was filed at closing.

     On September 12, 2005, the Company received $6,000 pursuant to the
purchase price adjustment agreement and the mortgage was released.


(3)  MORTGAGE AND OTHER NOTES PAYABLE

     The Waikele Golf Course mortgage note payable, secured by the Waikele
Golf Course, had an outstanding principal balance of $7,178 at December 31,
2004.  The loan had certain cash flow and other financial covenants.

     Waikele Golf Course, LLC repaid the mortgage in full on March 1,
2005, with proceeds obtained through a new mortgage loan granted by a
subsidiary of Kaanapali Land in the original principal amount of $7,178.
Interest on the principal balance accrues at an adjustable rate of prime
plus 1%.  The principal and accrued interest are due March 1, 2015.  The
note, which is prepayable, is secured by the Waikele Golf Course.  The note
has been eliminated in the consolidated financial statements because the
obligor and maker are consolidated subsidiaries of Kaanapali Land.


(4)  RENTAL ARRANGEMENTS

     The Company leases various office space with average annual rental of
approximately $250 per year.  Leases expire at various times through
January 2006, but are in certain cases extendable thereafter on a month-to-
month basis.  Although the Company is a party to certain other leasing
arrangements, none of them are material.

(5)  EMPLOYEE BENEFIT PLANS

     (a)   PENSION PLANS

     The Company participates in a defined benefit pension plan that
covers substantially all its eligible employees.  The Plan is sponsored and
maintained by Kaanapali Land in conjunction with other plans providing
benefits to employees of Kaanapali Land and its affiliates.



<PAGE>


     The components of the net periodic pension benefit (credit) for the
three and nine months ended September 30, 2005 and 2004 are as follows:

                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------
Service cost. . . . . . .  $     16         19         48         57
Interest cost . . . . . .       634        664      1,902      1,992
Expected return on
  plan assets . . . . . .    (1,060)    (1,040)    (3,180)    (3,120)
Amortization of prior
  service cost. . . . . .     --           232      --           696
Special termination
  benefit . . . . . . . .       235         54        705        158
                           --------   --------   --------   --------
Net periodic pension
  credit. . . . . . . . .  $   (175)       (71)      (525)      (217)
                           ========   ========   ========   ========

     (b)   RETIREE HEALTH AND LIFE INSURANCE BENEFITS

     In addition to providing pension benefits, a subsidiary of KLC Land
currently provides certain healthcare and life insurance benefits to
certain eligible retired employees.  Where such benefits are offered,
substantially all employees may become eligible for such benefits if they
reach a specified retirement age while employed by KLC Land (or the
applicable affiliate) and if they meet a certain length of service
criteria. The postretirement healthcare plan is contributory and contains
cost-sharing features such as deductibles and copayments.  The
postretirement life insurance plan is non-contributory.

     Certain other affiliated entities continued to fund benefit costs on
a pay-as-you-go basis, and each entity continued funding its post-
retirement health care obligations until the end of 2004, which was a date
on or after the date when its required cost maintenance period as defined
under Internal Revenue Code Section 420 expired.  Retiree medical benefits
for these entities terminated at the end of 2004.  Kaanapali Land has not
assumed any obligation to fund the cost of these benefits on behalf of any
of its affiliates.

     Net periodic postretirement benefit credit for the three and nine
months ended September 30, 2005 and 2004 includes the following components:

                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------

Service cost. . . . . . .  $      5          3         15          9
Interest cost . . . . . .        42         71        126        213
Amortization of net gain.       (13)      (840)       (39)    (2,517)
Recognized settlement
  gain. . . . . . . . . .     --          (124)     --          (374)
                           --------   --------   --------   --------
Net periodic
  postretirement
  benefit cost (credit) .  $     34       (890)       102     (2,669)
                           ========   ========   ========   ========



<PAGE>


     At the time the Company performed its calculations related to the
Medicare Prescription Drug Improvement and Modernization Act of 2003 (the
"Act") final rules were not yet released.  The Company has determined its
plan is Actuarially Equivalent (as defined in the Act).


(6)  INCOME TAXES

     Federal tax return examinations have been completed for years through
1999 and all required payments for taxes and interest due through that date
have been made.  As a result of the examination of the year 2000, the IRS
has asserted a deficiency in taxes, which the Company is contesting.  The
statutes of limitations with respect to the Company's tax returns for 2001
and subsequent years remain open and the IRS has commenced its examination
of the years 2001 and 2002.  The Company believes adequate provisions for
income tax have been recorded for all years.


(7)  COMMITMENTS AND CONTINGENCIES

     Material legal proceedings of the Company are described below.
Unless otherwise noted, the parties adverse to the Company in the legal
proceedings described below have not made a claim for damages in a
liquidated amount and/or the Company believes that it would be speculative
to attempt to determine the Company's exposure relative thereto, and as a
consequence believes that an estimate of the range of potential loss cannot
be made.  In proceedings filed prior to the Petition Date where a Debtor is
a defendant, such proceedings were stayed as against such Debtor by the
filing of the Reorganization Case.  Any claims that were not filed on a
timely basis under the Plan have been discharged by the Bankruptcy Court
and thus the underlying legal proceedings should not result in any
liability to the Debtors.  All other claims have been satisfied.
Proceedings against subsidiaries or affiliates of Kaanapali Land that are
not Debtors were not stayed by the Plan and may proceed.  However, one such
subsidiary, Oahu Sugar, filed a subsequent petition under Chapter 7 of the
Bankruptcy Code in April 2005, as described below.

     On or about February 23, 2001 Kekaha Sugar Co., Ltd., a subsidiary of
Kaanapali Land, received a letter from the Hawaii Department of Health
("HDOH") assigning the Kekaha Sugar Co., Ltd. site a high priority status
based on HDOH's review of available environmental data.  In the letter,
HDOH identified five major areas of potential environmental concern
including the former wood treatment plant, the herbicide mixing plant, the
seed dipping plant, the settling pond, and the Kekaha Sugar Mill.  While
setting forth specific concerns, the HDOH reserved the right to designate
still further areas of potential concern which might require further
investigation and possible remediation.  HDOH further reserved the right to
modify its prioritization of the site should conditions warrant.  The
assignment of the high priority status will likely result in a high degree
of oversight by the HDOH as the issues raised are studied and addressed.
Kekaha Sugar Co., Ltd. responded to the letter.  The United States
Environmental Protection Agency has performed a visual inspection of the
property and indicated there will be some testing performed.  HDOH has
performed some testing at the site and results are pending.  Kekaha Sugar
Co., Ltd. is substantially without assets and is in dissolution and thus
will be unable to perform in the event of further pursuit of this matter by
HDOH.



<PAGE>


     On or about February 23, 2001, Lihue Plantation received a similar
letter from the HDOH assigning the LPCo site a high priority status based
on HDOH's review of available environmental data.  In the letter, HDOH
identified four major areas of potential environmental concern including
the Lihue Plantation herbicide mixing plant, the seed dipping plant, the
settling pond and the Lihue Sugar Mill.  While setting forth specific
concerns, the HDOH reserved the right to designate still further areas of
potential concern which might require further investigation and possible
remediation.  HDOH further reserved the right to modify its prioritization
of the site should conditions warrant.  As noted above, the high priority
assignment will likely result in a high degree of oversight by the HDOH as
the issues raised are studied and addressed.  Lihue Plantation is
substantially without assets and further pursuit of this matter by HDOH
could have a material adverse effect on the financial condition of LPCo.
The purchaser of the Kekaha and Lihue Plantation Sugar Mills properties in
January 2005 assumed any obligations for environmental matters concerning
the property it purchased.  However, there can be no assurance that such
purchaser will have sufficient assets to satisfy a claim should any
substantial liabilities result.

     Pioneer Mill was engaged in a modest cleanup operation arising out of
the discovery of petroleum contamination found at the Pioneer Mill site.
The Pioneer Mill site was assigned a high priority by the HDOH and the HDOH
has shown an interest in the environmental conditions relating to or
arising out of the former operations of Pioneer Mill.  EPA designated HDOH
as the oversight agency for Pioneer Mill.  Pioneer Mill received a report
on the results of environmental testing conducted on the site by the EPA
and HDOH.  However, Pioneer Mill's cleanup efforts to date have satisfied
HDOH and Pioneer Mill received a no further action letter during the fourth
quarter of 2004.  It is possible that further cleanup operations may become
necessary in connection with the planned demolition of the former sugar
mill buildings on the site.

     As a result of an administrative order issued to Oahu Sugar by the
HDOH, Order No. CH 98-001, dated January 27, 1998, Oahu Sugar was engaged
in environmental site assessment of lands it leased from the U.S. Navy and
located on the Waipio Peninsula.  Oahu Sugar submitted a Remedial
Investigation Report to the HDOH.  The HDOH provided comments which
indicated that additional testing may be required.  Oahu Sugar responded to
these comments with additional information.  On January 9, 2004, EPA issued
a request to Oahu Sugar seeking information related to the actual or
threatened release of hazardous substances, pollutants and contaminants at
the Waipio Peninsula portion of the Pearl Harbor Naval Complex National
Priorities List Superfund Site.  The request sought, among other things,
information relating to the ability of Oahu Sugar to pay for or perform a
clean up of the land formerly occupied by Oahu Sugar.  Oahu Sugar was in
the process of responding to the information requests and had notified both
the Navy and the EPA that while it had some modest remaining cash that it
could contribute to further investigation and remediation efforts in
connection with an overall settlement of the outstanding claims, Oahu Sugar
was substantially without assets and would be unable to make a significant
contribution to such an effort.  While Oahu Sugar contested its liability
for such contamination and believed that it had meritorious defenses to any
claims, it did not have sufficient assets to justify litigation and
believed that attempting to cooperate and negotiate with the government was
its only opportunity to avoid bankruptcy.  Nevertheless, attempts at
negotiating such a settlement were fruitless and Oahu Sugar received an
order from EPA in March 2005 that would purport to require certain testing
and remediation of the site.  While the cost of compliance could not be
estimated, it was clear that the cost involved would have greatly exceeded
Oahu Sugar's remaining assets.  Oahu Sugar has no source of additional
capital and has substantial unpaid obligations to Kaanapali Land and other
affiliates.  Furthermore, as Oahu Sugar is substantially without assets,
the pursuit of any action, informational, enforcement, or otherwise, would
have had a material adverse effect on the financial condition of Oahu
Sugar.



<PAGE>


     Therefore, as a result of the pursuit of further action by the HDOH
and EPA as described above and the immediate material adverse effect that
the actions had on the financial condition of Oahu Sugar, Oahu Sugar filed
with the United States Bankruptcy Court, Northern District of Illinois,
Eastern Division its voluntary petition for liquidation under Chapter 7 of
Title 11, United States Bankruptcy Code, 11 U.S.C. Subsection 101-1330 on
April 19, 2005, Case No. 05-15100.  Such filing is not expected to have a
material adverse effect on the Company as Oahu Sugar was substantially
without assets at the time of the filing and it is not believed that any
other affiliates have any responsibility for the debts of Oahu Sugar.

     By letter dated June 23, 2005, the EPA sent to Kaanapali Land an
information request regarding, among other things, the Waipio site and
Kaanapali's relationship to Oahu Sugar.  Kaanapali Land has responded to
the letter, stating, among other things, that it does not believe it has
any responsibility relative to the Waipio site.

     Federal tax return examinations have been completed for years through
1999 and all required payments for taxes and interest due through that date
have been made.  As a result of the examination of the year 2000, the IRS
has asserted a deficiency in taxes, which the Company is contesting.  The
statutes of limitations with respect to the Company's tax returns for 2001
and subsequent years remain open and the IRS has commenced its examination
of the years 2001 and 2002.  The Company believes adequate provisions for
income tax have been recorded for all years.  However, to the extent that
the Company is unsuccessful in defending against claims made by the IRS,
the amount for which the Company would be liable could materially affect
its cash position.

     On February 15, 2005, D/C was served with a lawsuit entitled American
& Foreign Insurance Company v. D/C Distribution and Amfac Corporation, Case
No. 04433669 filed in the Superior Court of the State of California for the
County of San Francisco, Central Justice Center.  In the eight-count
complaint for declaratory relief, reimbursement and recoupment of
unspecified amounts, costs and for such other relief as the court might
grant, plaintiff alleges that it is an insurance company to whom D/C has
tendered for defense and indemnity various personal injury lawsuits
allegedly based on exposure to asbestos containing products.  Plaintiff
alleges that because none of the parties have been able to produce a copy
of the policy or policies in question a judicial determination of the
material terms of the missing policy or policies is needed.  Plaintiff
seeks, among other things, a declaration:  of the material terms, rights,
and obligations of the parties under the terms of the policy or policies;
that the policies have been exhausted; that plaintiff is not obligated to
reimburse D/C for its attorneys' fees in that the amounts of attorneys'
fees incurred by D/C have been incurred, unreasonably; that plaintiff is
entitled to recoupment and reimbursement of some or all of the amounts it
has paid for defense and/or indemnity; and that D/C has breached its
obligation of cooperation with plaintiff.  D/C has filed an answer and an
amended cross-claim.  The litigation is in its early stages and D/C
believes that it has meritorious defenses and positions, and intends to
vigorously defend.

     Kaanapali Land, as successor by merger to other entities, and D/C
have been named as defendants in personal injury actions allegedly based on
exposure to asbestos.  There are in excess of 60 cases against such
subsidiary that are pending on the mainland and are alleged based on such
subsidiary's prior business operations.  Each company believes that it has
meritorious defenses against these actions, but can give no assurances as
to the ultimate outcome of these cases.  In the case of D/C, there can be
no certainty that it will be able to satisfy all of its liabilities for
these cases, as it is without assets to satisfy any material existing or
future judgments, there can be no assurances that these cases (or any of
them), if adjudicated in a manner adverse to the subsidiary, will not have
a material adverse effect on the financial condition of such subsidiary.
Kaanapali Land does not believe that it has liability, directly or
indirectly, for such subsidiary's obligations.



<PAGE>


     Other than as described above and the Reorganization Case as
described above, the Company is not involved in any material pending legal
proceedings, other than ordinary routine litigation incidental to its
business. The Company and/or certain of its affiliates have been named as
defendants in several pending lawsuits. While it is impossible to predict
the outcome of such routine litigation that is now pending (or threatened)
and for which the potential liability is not covered by insurance, the
Company is of the opinion that the ultimate liability from any of this
litigation will not materially adversely affect the Company's consolidated
results of operations or its financial condition.


(8)  CALCULATION OF NET INCOME PER SHARE

     The following tables set forth the computation of net income (loss)
per share - basic and diluted:

                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------
                      (Amounts in thousands except per share amounts)

NUMERATOR:
Net income (loss) . . . .  $  2,538       (157)     7,074         52
                           ========   ========   ========   ========

DENOMINATOR:
Number of shares
 outstanding
 basic and diluted. . . .     1,793      1,792      1,793      1,792
                           ========   ========   ========   ========

Net income (loss)
 per share -
 basic and diluted. . . .  $   1.42       (.09)      3.95        .03
                           ========   ========   ========   ========


(9)  BUSINESS SEGMENT INFORMATION

     As described in Note 1, the Company operates in three business
segments.  Total revenues and operating profit by business segment are
presented in the tables below.

     Total revenues by business segment includes primarily (i) sales, all
of which are from unaffiliated customers and (ii) interest income that is
earned from outside sources on assets which are included in the individual
industry segment's identifiable assets, as well as corporate assets.

     Operating income (loss) is comprised of total revenue less operating
expenses.  In computing operating income (loss), none of the following
items have been added or deducted:  general corporate revenues and
expenses, interest expense and income taxes.

                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------
Revenues:
  Property. . . . . . . .  $  6,314        430     30,308      1,502
  Agriculture . . . . . .       285        249      1,048      1,548
  Golf. . . . . . . . . .       925        996      2,816      2,996
  Corporate . . . . . . .       267        417        636      1,016
                           --------   --------   --------   --------
                           $  7,791      2,092     34,808      7,062
                           ========   ========   ========   ========


<PAGE>


                           THREE MONTHS ENDED     NINE MONTHS ENDED
                              SEPTEMBER 30,         SEPTEMBER 30,
                           -------------------   -------------------
                             2005       2004       2005       2004
                           --------   --------   --------   --------
Operating Profit (loss):
  Property. . . . . . . .  $  5,718       (531)    14,748     (1,056)
  Agriculture . . . . . .       (45)        93        542        716
  Golf. . . . . . . . . .        47        116        307        468
                           --------   --------   --------   --------

Operating income (loss) .     5,720       (322)    15,597        128

Corporate . . . . . . . .    (1,582)       267     (3,755)       457
Interest expense. . . . .     --          (201)      (168)      (499)
                           --------   --------   --------   --------
Income (loss) from
  continuing operations
  before income taxes . .  $  4,138       (256)    11,674         86
                           ========   ========   ========   ========



PART I.  FINANCIAL INFORMATION

     ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
     FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

General

     In addition to historical information, this Report contains forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995.  These statements are based on management's current
expectations about its businesses and the markets in which the Company
operates.  Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Actual operating results may be affected by various factors including,
without limitation, changes in national and Hawaiian economic conditions,
competitive market conditions, uncertainties and costs related to the
imposition of conditions on receipt of governmental approvals and costs of
material and labor, and actual versus projected timing of events all of
which may cause such actual results to differ materially from what is
expressed or forecast in this report.

     Unless wound up by the Company, the Debtors shall continue to exist
after the Plan Effective Date as separate legal entities.  Except as
otherwise provided in the Order or the Plan, the Debtors have been
discharged from all claims and liabilities existing through the Plan
Effective Date.  As such, all persons and entities who had receivables,
claims or contracts with the Debtors that first arose prior to the Petition
Date and have not previously filed timely claims under the Plan or have not
previously reserved their right to do so in the Reorganization Case are
precluded from asserting any claims against the Debtors or their assets for
any acts, omissions, liabilities, transactions or activities that occurred
before the Plan Effective Date.  On August 31, 2005, pursuant to a motion
for entry of final decree, the bankruptcy cases were closed.



<PAGE>


     On November 14, 2002, pursuant to the Plan, all of the KLC Debtors
executed and delivered to Kaanapali Land a certain Secured Promissory Note
in the principal amount of $70 million.  Such note matures on October 31,
2011 and carries an interest rate of 3.04% compounded semi-annually.  The
note, which is prepayable, is secured by substantially all of the remaining
real property owned by the KLC Debtors, pursuant to a certain Mortgage,
Security Agreement and Financing Statement, dated as of November 14, 2002
and placed on record in December 2002.  The note has been eliminated in the
consolidated financial statements because the obligors are consolidated
subsidiaries of Kaanapali Land.

     In addition to such Secured Promissory Note, certain Non-Debtor KLC
Subsidiaries continue to be liable to Kaanapali Land under certain
guarantees (the "Guarantees") that they had previously provided to support
certain Senior Indebtedness (as defined in the Plan) and the Certificate of
Land Appreciation Notes ("COLA Notes") formerly issued by Amfac/JMB Hawaii,
Inc. (as predecessor to KLC Land).  Although such Senior Indebtedness and
COLA Notes were discharged under the Plan, the Guarantees of the Non-Debtor
KLC Subsidiaries were not.  Thus, to the extent that the holders of the
Senior Indebtedness and COLA Notes did not receive payment on the
outstanding balance thereof from distributions made under the Plan, the
remaining amounts due thereunder remain obligations of the Non-Debtor KLC
Subsidiaries under the Guarantees.  Under the Plan, the obligations of the
Non-Debtor KLC Subsidiaries under such Guarantees were assigned by the
holders of the Senior Indebtedness and COLA Notes to Kaanapali Land on the
Plan Effective Date.  Kaanapali Land has notified each of the Non-Debtor
KLC Subsidiaries that are liable under such Guarantees that their
respective guarantee obligations are due and owing and that Kaanapali Land
reserves all of its rights and remedies in such regard.  Given the
financial condition of such Non-Debtor KLC Subsidiaries, however, it is
unlikely that Kaanapali Land will realize payments on such Guarantees that
are more than a small percentage of the total amounts outstanding
thereunder or that in the aggregate will generate any material proceeds to
the Company.  Nevertheless, Kaanapali Land intends to assert its claims in
the Chapter 7 bankruptcy proceeding of Oahu Sugar in order that it may
recover substantially all of the assets remaining in the bankruptcy estate,
if any, that become available for creditors of Oahu Sugar.  Any amounts so
received would not be material to the Company.  These Guarantee obligations
have been eliminated in the consolidated financial statements because the
obligors are consolidated subsidiaries of Kaanapali Land, which is now the
sole obligee thereunder.

     As of September 30, 2005, the Company had cash and cash equivalents
of approximately $61 million, which is available for, among other things,
working capital requirements, including future operating expenses, and the
Company's obligations for engineering, planning, regulatory and other
development costs, environmental remediation costs on the former Pioneer
mill-site, the cost of renovations of the golf course (discussed below),
potential tax liabilities resulting from the IRS audits, retiree medical
insurance benefits for Pioneer Mill Company, and existing and possible
future litigation.  Oahu Sugar filed for relief under Chapter 7 of the
United States Bankruptcy Code on April 19, 2005.  Therefore, as of
April 19, 2005, the Company has reclassified approximately $29 thousand of
cash held by Oahu Sugar as restricted cash.

     The primary business of Kaanapali Land is the investment in and
development of the Company's assets on the Island of Maui.  The various
development plans will take many years at significant expense to fully
implement, although the material portion of such anticipated expenses are
not currently subject to any contractual commitments.  Proceeds from land
sales are the Company's only source of significant cash proceeds and the
Company's ability to meet its liquidity needs is dependent on the timing
and amount of such proceeds.



<PAGE>


     The Company currently anticipates to cease operations at the Waikele
Golf Course for approximately six months during 2006 to allow for
renovations of the golf course greens and facilities.  The cost of
renovations and the shut-down of operations is not expected to have a
material adverse effect on the overall financial condition of the Company.

     The Company's mortgage note payable as of December 31, 2004 was a
loan secured by the Waikele Golf Course.  Waikele Golf Course, LLC repaid
the mortgage in full on March 1, 2005, with proceeds obtained through a new
mortgage loan granted by a subsidiary of Kaanapali Land in the original
principal amount of approximately $7.2 million.  The note has been
eliminated in the consolidated financial statements because the obligor and
maker are consolidated subsidiaries of Kaanapali Land.

     The Company's continuing operations have in recent periods been
primarily reliant upon the net proceeds of sales of developed and
undeveloped land parcels.  On January 20, 2005, the Company sold its mill
sites and associated lands on the Island of Kauai for approximately $1.3
million (before closing costs and prorations).  On June 21, 2005, the
Company closed the sale of Lot 3 for a base price of $22.5 million (before
closing costs and prorations).  On September 12, 2005, the Company received
$6 million pursuant to the purchase price adjustment agreement in
connection with the sale of Lot 3.

     Although the Company does not currently believe that it has
significant liquidity problems over the near term, should the Company prove
to be unable to satisfy its liquidity requirements from its existing
resources it will likely pursue alternate financing arrangements.  However
it cannot be determined at this time what, if any, financing alternatives
may be available and at what cost.

RESULTS OF OPERATIONS

     Reference is made to the footnotes to the financial statements for
additional discussion of items addressing comparability between years.

     Property, net decreased primarily due to the sale of Lot 3 during the
second quarter of 2005 partially offset by development costs incurred
during the year.

     The increase in deferred income taxes and the increase in income tax
expense for the three and nine months ended September 30, 2005 is a result
of the increase in the Company's income from continuing operations.

     Mortgage payable decreased in the accompanying balance sheets due to
the repayment of the Waikele Golf mortgage in full during the first quarter
of 2005.

     The increase in sales and cost of sales for the nine months ended
September 30, 2005 is primarily due to the sale of the mill sites and
associated lands on the Island of Kauai during the first quarter of 2005
and the sale of Lot 3 during the second quarter of 2005.  The increase in
sales for the three months ended September 30, 2005 is due to the receipt
of $6 million of proceeds from the sale of Lot 3 pursuant to the purchase
price adjustment agreement.

     The reduction of post-retirement benefit obligation for the three and
nine months ended September 30, 2004 was due to the effect of the expected
termination of most of the post-retirement obligations at the end of 2004.



<PAGE>


INFLATION

     Due to the lack of significant fluctuations in the level of inflation
in recent years, inflation generally has not had a material effect on real
estate development.

     In the future, high rates of inflation may adversely affect real
estate development generally because of their impact on interest rates.
High interest rates not only increase the cost of borrowed funds to the
Company, but can also have a significant effect on the affordability of
permanent mortgage financing to prospective purchasers. However, high rates
of inflation may permit the Company to increase the prices that it charges
in connection with real property sales, subject to general economic
conditions affecting the real estate industry and local market factors, and
therefore may be advantageous where property investments are not highly
leveraged with debt or where the cost of such debt has been previously
fixed.


     ITEM 4.     CONTROLS AND PROCEDURES

     The principal executive officer and the principal financial officer
of the Company have evaluated the effectiveness of the Company's disclosure
controls and procedures as defined in Rule 13a-15(e) of the Securities
Exchange Act of 1934, as amended, (the "Exchange Act") as of the end of the
period covered by this report.  Based on such evaluation, the principal
executive officer and the principal financial officer have concluded that
the Company's disclosure controls and procedures were effective to ensure
that information required to be disclosed was recorded, processed,
summarized and reported within the time periods specified in the applicable
rules and form of the Securities and Exchange Commission.

     There was no change in internal control over financial reporting that
occurred during the period covered by this report that materially affected,
or is reasonably likely to materially affect, our internal control over
financial reporting.



PART II.  OTHER INFORMATION

     ITEM 1.     LEGAL PROCEEDINGS

                 See Note 7 to the Condensed Consolidated Financial
           Statements included in Part I of this report.


     ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

     (a)   Exhibits.

            3.1  Amended and Restated Limited Liability Company Agreement
                 of Kaanapali Land, LLC dated November 14, 2002 filed as
                 an exhibit to the Company's Form 10 filed May 1, 2003 and
                 hereby incorporated by reference.

           31.1. Certification of Chief Executive Officer pursuant to
                 Rule 13a-14(a) is filed herewith.

           31.2. Certification of Chief Financial Officer pursuant to
                 Rule 13a-14(a) is filed herewith.

           32.   Certifications pursuant to 18 U.S.C. Section 1350, as
                 adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                 of 2002 are filed herewith.

     (b)   No reports on Form 8-K were filed since the beginning of the
           last quarter of the period covered by the report.



<PAGE>


                               SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                            KAANAPALI LAND, LLC

                            By:   Pacific Trail Holdings, LLC
                                  (sole member)


                                  /s/ Gailen J. Hull
                                  ---------------------
                            By:   Gailen J. Hull
                                  Senior Vice President
                            Date: November 11, 2005