- Preheat oven to 350 degrees. Liberally grease two 8 inch cake pans with a stick of butter.
- In a medium mixing bowl, beat together cake mix, water, butter, and eggs. Set aside.
- In a separate medium mixing bowl, whisk together sweetened condensed milk, coconut milk, and eggs.
- Spread 2 Tbsp. of caramel topping on the bottom of each cake pan. Pour half of cake batter into each cake pan.
- Pour half of the custard over the cake batter in each pan.
- Fill a roasting pan with hot water, just enough to rest the cake pan into(about ½ an inch high with the cake pan in) and place the cake pan inside.
- Bake for 40-60 minutes, until the cake top looks a light brown and an inserted knife comes out clean.
- Remove cake pan from water bath and let completely cool on a baking rack. When the cake is completely cooled, place a plate upside down on top of the cake pan and quickly flip the cake pan over.
- Serve with ice cream or whipped cream and enjoy!
Note: If only making one cake, store the cake batter and custard mixture in separate containers and refrigerate.