Beat butter and cream cheese at medium speed with an electric mixer until fluffy; gradually add sugar, beating well. Add eggs, 1 at a time, beating until blended after each addition.
Combine flour, baking powder, and salt; add to butter mixture alternately with coconut mlk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in coconut and coconut extract. Pour batter into 2 greased and floured 8- x 1 3/4-inch round cakepans.
Bake at 350º for 25 to 30 minutes or until wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes. Remove from pans, and wrap in plastic wrap. Freeze 2 hours. (Freezing makes layers easier to cut.)
Cut domed top off each cake layer, using a serrated knife.
Cut each cake layer evenly into eight wedges. Arrange 5 wedges, point side out, in a star shape on a cake plate. Place about 1 1/2 cups Nutty Cranberry Filling inside center opening of cake wedges to maintain star shape, pressing them into filling.
Repeat procedure to form a second layer to wedges and filling.
Top each section with another cake wedge to form a third layer. (One cake wedge will remain; enjoy while completing cake.) Fill center with about 1 1/2 cups filling. Filling should be level with cake wedges. Adjust wedges to maintain star shape, pressing them into filling.
Spread a thin layer of White Chocolate Frosting over top and sides of cake, smoothing with a wet metal spatula. Chill 30 minutes. Set aside 1/2 cup frosting. Spread remaining frosting evenly over top and sides of cake, smoothing with a wet metal spatula. Sprnkle frosting evenly with white sparkling sugar and edible white glitter.
Spoon reserved 1/2 cup frosting in a small heavy-duty zip-top plastic bag; seal. Snip a tiny hole in 1 corner of bag, and outline top edge of cake.
Brush gold luster dust onto piped edge, using a paintbrush. Garnish with White Chocolate Stars and, if desired, rock candy. Store cake in refrigerator; let stand at room temperature 30 minutes before serving. To serve, cut each point in half vertically.
Everyone's a Star Party Cake: Double the cake layer recipe. Pour half of the batter evenly into 2 greased and floured 9- x 1 3/4-inch round cakepans. Pour remaining half of batter evenly into 2 greased and floured 6- x 1 3/4-inch round cakepans, Bake at 350º for 20 to 25 minutes or until a wooden pick inserted in center comes out clean.
Halve the Nutty Cranberry Filling recipe, and spread between 9-inch layers and 6-inch layers. Place 6-inch stack on top of 9-inch stack. Frost with White Chocolate Frosting, and garnish, if desired, with sparkling sugar, glitter, and White Chocolate Stars.
Note: For testing purposes only, we used Nestlé Premiere White Morsels for white chocolate morsels and Craisins for sweetened dried cranberries. Sparkling sugar, edible glitter, luster dust, and clear vanilla extract can be found at gourmet grocery stores, cake decorating supply stores, and kitchen shops. Vanilla candy coating is sold near baking chocolate in the supermarket. It is often referred to as almond bark, and it comes in vanilla and chocolate flavors. Canned cocout milk may be found in the ethnic foods section of the supermarket.