Put all ingredients in mixing bowl.Mix on medium speed until smooth. Pour batter in pan. Bake 45 minutes to 1 hour .( depends on your oven).
Prick holes in top of cake .
In small pan melt butter ,add sugar and water. Bring to a boil , boil 5 minutes stirring constantly.Allow to cool , stir in peach schapps . Pour over cake and allow to set overnight . Invert onto a platter.