It's closer to 22,000 acres but only about 8000 is developable...and most of that has already been built on. They still have room for more...Honolua Ridge, the old Village Course, the area out by the airport which they call Pulelehua and one small area near the main entrance...all in the "master plan". But these developments are so far on the back burner right now they're not even worth mentioning...unless you are investing for a decade or more in the future.
At this point all Kapalua is trying to do is stave off bankruptcy. They are tens of millions in the red. They are selling off everything they possibly can just to pay down their debts and still in the process of trying to unload the rest of their employees (they already laid off over 1/3 of their staff) by outsourcing them to any willing and able management companies.
They have massive loan debts on the new $400 million Ritz Residence club which they are struggling to pay because not many people are in the market for a $400,000 three week time share with a $20,000 maintenance fee.
Kapalua is the best property on Maui and they will survive all the years of mismanagement and skimming off the top...only because they don't have a choice anymore. But as far as investing in this company for profit? I can think of a thousand other places I'd put my money before I put it here.