Caramel:
6 tablespoons butter, at room temperature
1 cup sugar
2 tablespoons water
3 large peaches, pitted, skinned and sliced 1/4 inch thick
Cake:
1 cup sugar
1/3 cup melted butter
2 eggs
1-1/2 cups all-purpose flour
2 teaspoons baking powder
1 teaspoon salt
1/2 cup buttermilk
2 teaspoons vanilla extract
Preheat oven to 350 degrees F.
Caramel:
Butter a 10 inch spingform pan. Line sides and bottom with wax or parchment paper and butter again. Place 2 tablespoons of water and 1/2 cup sugar in a saucepan, and stir together. Cook over high heat, swirling the pan (do not stir), until the mixture turns a golden caramel color. Immediately remore pan from heat and whisk in butter (the mixture will foam). Pour the caramel into the bottom of hte prepared cake pan and cover with peaches.
Cake:
Add the sugar and melted butter to the bowl of a mixture and beat until combined. Add eggs and whisk until the mixture is light and fluffy. Sift together four, baking powder, and salt. Stir the buttermilk and vanilla together. Add the dry ingredients to the butter mixture in thirds, alternating with buttermilk mixtture. Pour into pan with peaches. Bake for 50 minutes or until the cake is golden brown and springy to the touch.
Cool cake 10 minutes then remove sides of pan, invert cake onto plate and remove wax paper. Cool completely.
