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1
Bring a large pot of salted water to a boil.
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2
Plunge the lobsters head first into the boiling water, in batches, if necessary, and cook, covered, for 5 minutes.
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3
Transfer the lobsters with tongs to a large bowl filled with ice water to cool.
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4
When the lobsters are cool enough to handle, crack the shells, remove the tail and claw meat, and coarsely chop.
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5
Reserve the shells.
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6
Tightly cover the meat and refrigerate.
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7
In a large Dutch oven, melt 4 ounces (1 stick) of butter over medium-high heat.
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8
Add the shells and cook, stirring, until they turn bright red, 2 to 3 minutes.
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9
Add 1 cup of the Sherry and bring to a boil.
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10
Cook until reduced by half, about 3 minutes.
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11
Add the milk, cream, paprika, salt, and pepper, and return to the boil.
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12
Reduce the heat to medium-low and simmer until slightly thickened, 15 to 20 minutes.
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13
Remove from the heat and let cool.
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14
Cover and refrigerate at least 6 hours or overnight for the flavors to develop.
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15
Remove the milk and shell mixture from the refrigerator and strain into a clean container through a fine mesh strainer.
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16
Set aside.
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17
In a large, heavy pot, melt the remaining 4 ounces (1 stick) of butter over medium-high heat.
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18
Add the chopped lobster meat and cook, stirring, until lightly colored, 2 to 3 minutes.
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19
Add the remaining 1/2 cup of Sherry and increase the heat to high.
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20
Cook, stirring, to deglaze the pan and until reduced by half.
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21
Add the strained milk mixture and bring to a low boil.
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22
Simmer, stirring, until heated through.
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23
Remove from the heat and adjust the seasoning, to taste.
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24
Spoon into bowls and garnish with chopped fresh parsley.
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25
Serve immediately.
