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Coconut Cakes:
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Preheat oven to 325 degrees. Spray two 10-inch round cake pans with baking spray; set aside.
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In the bowl of an electric mixer fitted with the paddle attachment, cream together butter and sugar until light and fluffy, 5 to 6 minutes. Add eggs, one at a time, and beat until creamy, occasionally scraping down sides of the bowl using a spatula.
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In a large bowl, sift together flour, baking powder, and salt. In a small bowl, mix together cream, vanilla, and coconut extract. With mixer on low speed, add flour mixture, alternating with cream mixture, beginning and ending with flour; beat until just combined.
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Pour batter into prepared cake pans and bake until a toothpick inserted into the cake comes out clean, 40 to 45 minutes. Let cool completely on a wire rack before removing cakes from pans.
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Simple Syrup:
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Place water and sugar in a medium saucepan over medium-high heat. Bring to a boil, stirring occasionally, until sugar has dissolved. Remove from heat and let cool.
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Coconut Cake Frosting:
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Place butter and cream cheese in the bowl of an electric mixer fitted with the paddle attachment; beat until creamy.
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With mixer on low speed, slowly add vanilla extract, seeds from vanilla bean, and confectioners' sugar. Continue beating until smooth and creamy, about 3 minutes.
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Coconut Filling:
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Place cream, sugar, and butter in a medium saucepan and bring to a boil over medium-high heat, stirring occasionally until sugar is dissolved.
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Meanwhile, in a small bowl, mix together cornstarch, vanilla, and 1 tablespoon water. Add to cream mixture, bring to a boil, and simmer until thickened, about 1 minute.
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Place coconut in the bowl of a food processor. Pulse until coconut is finely chopped. Remove cream mixture from heat and stir in coconut until well combined. Transfer to a large baking dish; let cool.
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Cover filling with plastic wrap and chill overnight. Just before using, place mixture in the bowl of an electric mixer fitted with the paddle attachment. Beat until smooth and creamy, 4 to 5 minutes.
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To assemble:
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Preheat oven to 375 degrees. Spread coconut flakes in an even layer on a parchment paper-lined baking sheet. Bake until golden, 5 to 7 minutes; set aside to cool.
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Using a serrated knife, trim tops of cakes to make level; discard trimmings. Cut each cake into 3 even layers. Place four strips of parchment paper around perimeter of a serving plate or lazy Susan.
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Place one layer on the cake plate. Brush with about one-fifth of the simple syrup. Spread over 2 cups of filling. Place a second layer on top. Repeat process with the next four layers and top with last remaining layer.
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Spread top and sides of cake with frosting, keeping in mind you may not need to use all of it. Press toasted coconut into sides of cake; remove parchment paper strips. Chill cake at least 5 hours and up to 5 days. Slice immediately; bring to room temperature before serving.
