Preheat the oven to 300°F/150°C. Grease a large Bundt or tube pan generously with cooking spray and set aside. Add half peach slice on the bottom of the pan in a single layer; set aside.
In a small bowl combine brown sugar, cinnamon spice and nutmeg. Sprinkle half the sugar mixture on the peach, followed by melted butter and bourbon. Cream together the butter and sugar at high speed in a stand mixture or using a hand mixer until it’s fluffy and starting to look white, about 3-5 minutes.
Then add cream cheese and continue mixing for 2 more minutes. Stir in the eggs, a little at a time, beating the mixture well between each addition.
Mix in flour, baking powder and salt into the batter, followed by vanilla extract and milk. Stir well until everything is fully combined. DO NOT over mix. Scrape down the sides of the mixing bowl.
Spoon over half of the batter on top of the sliced peach, spread it out with a spatula. Then layer the remaining peach on the batter; sprinkle with remaining brown sugar mixture and top with remaining cake batter.
Tap pans on work surface to eliminate any large air bubbles. To be on the safe side place on a baking tray just in case you have any spills.
Bake at 300 until a tester inserted into the center comes out clean, 60 minutes or more. Transfer to a plate and let it cool. While cake is cooking make the icing.
Whisk together confectioners' sugar, vanilla extract and milk, adding a few drops more of milk, as needed to make the glaze smooth and pourable.
Drizzle as much as you like over the cake with a fork or spoon. Slice and serve.