looks like a dead giant squid....

Giant octopus
In 1896 rinsed a similar mass at on a beach in Florida. Eyewitnesses reports of scientists from that time come to the same thing with the descriptions of the new discovery in Chili. At the time became the animal identified as Octopus Giganteus, a giant octupus.

But because samples never have been good examined and meanwhile disappeared, there is being doubted of the correctness of that name.

It looks like a giant octupus or something similar. But I'm no expert at Ocean life.

It was the nose of a whale. The nose is filled with a waxy residue that makes is float and is usually the last part of a whale corpse to rot away. This fact is why it has the unique smell and texture. I posted a link on this a couple of weeks ago when this same question was asked.

Apparently, it was really smelly. Eww.

Zzub is right. It is a Sperm Whale if I remember the story correctly.

When the whale dies, it floats around on top or just below the water, as it decays gradually the bones simply fall through the rotten tissue and sink to the briny depths, leaving a floating mass of waxy, fatty, stinky blubber.