Preheat the oven to 325ºF.
Butter and line a tube pan with parchment paper.
Cream sugar and butter until smooth, about 2 minutes. Start on low speed and build to medium speed as it incorporates.
Add eggs one at a time, beating on medium speed until well combined after each egg, about 20-30 seconds between each addition.
Add half of the flour. Once combined, add half of the whipping cream. Mix on low speed until the ingredients start to combine, then increase to medium-high speed. Beat for 1 minute.
Blend in coconut extract and lemon juice.
Fold in coconut.
Once smooth, add remaining flour and whipping cream and mix well. Mix on low speed until the ingredients start to combine, then increase to medium-high speed to mix for 30 seconds.
Pour into the prepared tube pan and bake 1 hour 20 minutes to 1 hour 25 minutes.
Cool 5-10 minutes, then invert onto a serving dish.
In a small bowl, whisk together powdered sugar, coconut extract and milk. After the cake has cooled at least 20 minutes, drizzle the glaze along the top, allowing it to drip down the sides. Sprinkle the toasted coconut on top.