CAKE: Preheat oven to 325. Grease and flour a 10 inch tube pan or 10 to 12 cup bundt. Beat the eggs in a large bowl. Add sugar, oil and coconut extract and blend well. Sift together flour, baking soda, baking powder and salt. Add this to the egg mixture alternating with the buttermilk. Fold in the flaked coconut and walnuts. Pour into the greased and floured pan.(I add just a little sprinkle of flaked coconut on top but you don't have to) Bake 1 1/4 hours. Check at 1 hour depending on your oven, mine is usually done within 5 minutes after that.
Topping: Combine the sugar, water and butter and bring to a boil, simmer for 5 minutes. Remove from the heat and add 1 teaspoon coconut extract. Pour immediately over the warm bread and let stand in pan 4 hours before removing.
You can do this in a large bowl and beat by hand if you like. This cake freezes well w/o the topping, do that after removing from the freezer.