Paula Deen’s Red Velvet Cake is made with butter, cream cheese, buttermilk, cocoa, red food coloring, sugar, eggs, flour, baking soda, vinegar, vanilla extract, melted marshmallows, shredded coconut, and chopped pecans. This traditional Red Velvet Cake recipe creates a delicious dessert that takes about 1 hour to prepare and can serve up to 12 people.