Molly admits that she was a latecomer to the magic of shortcakes, until she started making them from scratch and eating them immediately. This version is like subtly sweet buttery biscuits, stacked high and stuffed with syrupy macerated peaches with dollops of tangy cream cheese whipped cream, for stability and deliciousness!
For the peaches: In a medium bowl, toss together the peaches and granulated sugar and set aside to macerate while you make the shortcakes.
Arrange an oven rack in the middle position. Preheat the oven to 400 degrees F.
For the shortcakes: In a large mixing bowl, combine the flour, 1/2 cup of the granulated sugar, the baking powder and salt. Add the 1 cup cold butter and incorporate using a pastry cutter or with the tips of your fingers until crumbly. Add the cream and vanilla and bring together into a dough.
Lightly dust a clean work surface with flour. Turn out the dough and roll it out to a scant 1/2-inch thickness. Using a 3-inch round cutter, cut the dough into 16 rounds. Brush half of the rounds with melted butter and stack the remaining rounds on top. Brush the tops with butter and sprinkle the remaining 2 tablespoons granulated sugar on top.
Bake until golden; begin checking at 25 minutes. Remove from the oven and allow to cool to just warm. Once cooled enough to handle, separate the stacks of shortcakes.
For the whipped cream: In a large mixing bowl, add the heavy cream, cream cheese, powdered sugar and vanilla. Using a hand mixer, beat the cream to medium stiff peaks.
To assemble: Place the shortcakes onto a platter and separate the bottom and top halves. Spoon a dollop of whipped cream on the bottom halves. Top with a spoonful of macerated peaches followed by another dollop of whipped cream. Finish with the top halves of the shortcake and serve immediately.
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