Close, but no coconut.
Those of us who live here are aware of the legends of "Cantre'r Gwaelod" - the sunken land. Cardigan Bay used to be dry land, with people living there, but it was protected by a large wall to keep the sea out. One night, the gatekeeper (name of Seithenyn) was drunk and forgot to close the gates and it was lost to the sea. On a quiet night you can still hear the bells ringing under the sea.
There's also a semi-submerged causeway running out into the bay north of Aberystwyth, Sarn Cynfelyn.
I reckon they were just using out-of-date maps.