Where is the sunken city of R'lyeh?

The city of R'lyeh, a fictional submerged city introduced by US fantasy writer H P Lovecraft in his novella, Call of Ctulhu, is described as being located in the far depths of the Pacific Ocean. According to Lovecraft's coordinates, 47˚9'S 126˚43'W, it lies more or less in the middle of the southern part of the ocean, that is, in the area which is in any direction as far from land as one can go.

Lovecraft's Call of Ctulhu was published in the February 1928 edition of US fantasy magazine, Weird Tales.

Since Lovecraft's introduction of the sunken city, other writers have borrowed R'lyeh, relocating it variously from the South China and Baltic Seas to somewhere off the Californian coast. Lovecraft, however, should be taken as the authority on R'lyeh's location, since he invented the place.