In a large glass bowl, combine the heavy whipping cream and sugar. Beat with a hand mixer until thick and foamy. Add a small drizzle of coconut extract. Continue to whip until soft peaks appear.
Using a serrated knife cut the red velvet cake into 1-inch squares. Add about 1/3 of the squares to the bottom of the trifle bowl. Spread a layer of the whipped cream on top of the cake squares, followed by a layer of toasted coconut. Repeat layering 2 more times and serve.