Identification: Help identify this scary alien fungus

Can anyone help us identify this? It's growing under a coastal redwood in our yard in the Santa Cruz Mountains. It's the scariest thing in our neighborhood but no one seems to be able to tell us what it is. We are near the river and it's been an unusually wet winter (6 inches in 24 hrs right up the road) and maybe this has something to do with it. Any help? for now we're keeping our two young sons clear of the creature, but it won't last for long.

-stumped in Gold Gulch

 

I always love these fungi pics.

This is Clathrus archeri or octopus stinkhorn (or a very closely related species).

 

Thanks for the info Daniel, the mystery has been solved!
-Justin