Melt butter in a large skillet. Add coconut, and pecans cook until golden brown, stirring frequently. set mix. aside.
Combine cream cheese, and sweetened condensed milk; beat until smooth. Fold in whipped topping.
Layer 1/4 of cream cheese mixture in each pastry shell. Drizzle 1/4 of caramel topping on each pie. Sprinkle 1/4 of coconut mixture evenly over each pie. Repeat layers with remaining ingredients; cover, and freeze until firm.
let frozen pie stand at room temperature 5 minutes before slicing.