THE CACHE IS NOT AT THE POSTED COORDINATES.  You must do the CA Highway 1 Adventure:  Laguna Beach in order to find the correct coordinates for this cache.  

You have been COASTIN' !   In order to have the correct coordinates, you had to complete the location of the LAB CACHE that has the Bonus coordinates in the journal entry.  So no matter where you are on your journey, finding this bonus should be easy.  No need to make things more complicated than they already are, and you will not need to drive any farther to find this cache.

Chill out.  Relax and enjoy the ocean and the drive.

Happy Caching.

FTF goes to ckm8dude along with a BIG thank you for helping to work out the kinks.