In a large mixing bowl, combine butter and cream cheese. With an electric mixer on medium speed, beat until creamy. Add eggs; beat 2 minutes scraping bowl after 1 minute. Add cake mix. Reduce mixer speed to low; beat until well combined. Fold in walnuts, cherries and coconut.
On an ungreased cookie sheet, drop dough by rounded tablespoons 2 inches apart. Bake for 13 to 15 minutes, until lightly browned. Remove from oven. Cool on pan 2 minutes before removing to a wire rack to cool completely.