In a large bowl, beat together butter and 8 ounces cream cheese with a mixer at medium-high speed until creamy, 3 to 4 minutes. Add granulated sugar, brown sugar, and salt, beating at high speed until fluffy, approximately 10 minutes, stopping to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Beat in vanilla extract.
In another bowl, whisk together flour and baking powder. Gradually add flour mixture to butter mixture, beating until well combined. Stir in pecans and coconut.
Spray a 15-cup Bundt pan with baking spray with flour. Spoon batter into prepared pan. Tap pan on counter a few time to settle batter.
Bake until a wooden pick inserted near center of cake comes out clean, approximately 90 minutes, tenting with foil toward the end of bake time to avoid excess browning, if necessary. Let cake cool in pan for 15 minutes. Invert cake onto a wire rack and let cool completely.
In another large bowl, beat together confectioners’ sugar and remaining 4 ounces cream cheese with a mixer, beginning at low speed and increasing to medium-high speed, until smooth. Gradually beat in just enough milk to achieve desired consistency of glaze.
Spoon glaze over top of cake. Garnish with toasted coconut and toasted pecans, if desired.
Recipe by TeaTime Magazine at https://teatimemagazine.com/italian-cream-bundt-cake/