Heat your oven to 325°F. Grease and flour a 12-cup tube or bundt pan — don't skip the flour, it's what keeps this beauty from sticking.
Beat the butter and cream cheese with an electric mixer on medium speed until smooth and creamy. No lumps allowed.
Gradually add the sugar, beating on medium speed until the mixture is light and fluffy — this takes about 3-4 minutes.
Add the eggs one at a time, beating just until each yolk disappears before adding the next. Don't overbeat once the eggs go in.
Sift the flour and salt together, then add to the butter mixture. Beat on low speed just until blended — stop as soon as you don't see streaks of flour.
Fold in the vanilla, pecans, and coconut by hand. Save those pecan shells for the compost — or better yet, steep them in simple syrup for cocktails.
Pour the batter into your prepared pan and bake for 1 hour 30 minutes to 1 hour 35 minutes, until a toothpick inserted in the center comes out clean.
Cool in the pan for 10-15 minutes, then turn out onto a wire rack to cool completely. Don't rush this part — hot cake falls apart.
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