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1
Preheat the oven to 350 degrees F. Lightly butter a 9-inch-round cake pan.
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2
Melt 1 tablespoon butter in a medium skillet over medium heat.
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3
Add 3/4 cup sugar and 1 tablespoon water and cook, stirring occasionally, until smooth and deep golden brown, 8 to 11 minutes.
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4
Pour the mixture into the prepared pan and tilt to coat the bottom.
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5
Arrange the peach wedges snugly in the bottom of the pan in a single layer, cutting to fit if needed.
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6
Combine the flour, almonds, baking powder and salt in a food processor and pulse until the almonds are finely ground.
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7
Beat the remaining 7 tablespoons butter and 3/4 cup sugar in a large bowl with a mixer on medium-high speed until light and fluffy, about 4 minutes.
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8
Add the eggs, one at a time, beating well after each addition.
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9
Beat in the vanilla and almond extracts.
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10
Beat in the flour mixture in 3 batches, alternating with the milk and beginning and ending with the flour mixture; beat in each addition until just incorporated.
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11
Spread the batter evenly in the prepared pan and bake until golden and a toothpick inserted into the center comes out clean, about 45 minutes.
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12
Transfer to a rack and let cool 30 minutes.
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13
Invert onto a plate and let cool completely.
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14
Serve with ice cream.
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15
Photograph by Kana Okada
