In a saucepan, stir together brown sugar, butter and water. Bring to a boil. Reduce heat to low and simmer for 10 minutes, stirring frequently.
Pour brown sugar mixture into a 9 by 13 baking dish, covering the bottom evenly. Layer the peaches over the brown sugar mixture.
In a separate bowl whisk together eggs, heavy cream and vanilla.
Dip the bread slices in the egg mixture to coat evenly. Lay bread slices over peaches. Depending on the size of the bread will depend on how many slices you can fit in the pan. I got 5. Pour the left over egg mixture over each slice. You don’t have to use all the mixture if you don’t need it.
Sprinkle bread slices with cinnamon over the top. Cover and refrigerate for 8 hours or overnight.
Preheat oven to 350°F Remove the dish from the refrigerator about 30 minutes before baking. Bake covered for 20 minutes then uncovered for 25-30 minutes, or until bread is golden brown.
For the topping whip together the cream, vanilla, and sugar until soft peaks form.
To serve, remove bread slice from pan turning so bottom side is now up. Top with peach slices from bottom of pan and drizzle with syrupy sauce left in the pan. Top each serving with a dollop of cream and a sprinkling of cinnamon.