(Adapted from the More from Magnolia Cookbook)
1/2 cup butter, softened
3 Tbs. sugar
1 large egg yolk, room temp
3 Tbs. heavy cream
1-1/2 cups flour
1/4 tsp. salt
2 (8oz) pkgs. cream cheese, softened
1-1/2 cups powdered sugar
1/2 cup heavy cream
2 tsp. vanilla
2-1/2 cups peeled, thinly sliced ripe peaches
Preheat the oven to 375 degrees. For the crust, in a large bowl on low speed of an electric mixer (I use the paddle attachment on my stand mixer), cream the butter and sugar until smooth. Add the egg yolk and cream and mix well. Add the flour and salt, and beat until just combined. Gather the dough into a ball and roll out on a lightly floured surface to fit into a 9" glass pie dish. (Note: my dough was too sticky to use this method, so after my first failed attempt, I just put the dough in the dish and used my fingers to distribute it evenly. You could always try refrigerating your dough for a bit before rolling out to make it less sticky.)
Fold the edges under all around the rim and crimp. Prick the bottom and sides all over with a fork. Cover the edge with aluminum foil, place on a baking sheet, and bake for 10 minutes. Carefully remove the foil and continue baking 20 minutes more, until the crust is crisp and golden. (Note: I panicked a bit when the crust was looking past "golden" after about 15 minutes, so I pulled it out of the oven immediately. I believe it may have burned had I left it in the full 20 minutes.) Remove from the oven and allow to cool on a wire rack.
For the filling, in a large bowl on medium speed (using the paddle attachment again), beat together the cream cheese and sugar until smooth and creamy. Add the heavy cream and vanilla and continue to beat on med/low speed until well combined (can switch to whisk attachment). Refrigerate the filling while the crust is cooling.
When the crust is completely cooled, spread the filling evenly in the crust with a rubber spatula. Arrange the peach slices on top of the filling in a decorative manner. (Note: I would wait to put the peaches on until right before serving, as mine turned a little brown-ish.) Refrigerate the pie for at least 8 hours or overnight to ensure the filling sets.