Step 1

Preheat oven to 350 F. Butter and flour a 9 inch round cake pan.

Step 2

In a large mixer bowl, whisk together flour, sugar, baking powder, salt and nutmeg.

Step 3

Add eggs, buttermilk and vanilla beat until smooth.

Step 4

Add 1/2 cup butter, beat to combine. Set this batter aside.

Step 5

Place the remaining 1/4 cup butter in your prepared pan. Set in oven to melt butter, about 2-3 minutes. Sprinkle brown sugar over melted butter. Top with sliced peaches, keep peaches in a single layer.

Step 6

Spoon cake batter over peaches, smoothing top with an offset spatula.

Step 7

Bake until a toothpick comes out clean when inserted in the center, about 40 to 50 minutes. Cover cake after 30 minutes of baking to prevent excess browning.

Step 8

After removing cake from oven, run a knife around the edges of pan to loosen cake. Invert still hot cake onto a serving plate, let cool slightly. Serve warm.