1. Make the Caramel Topping: A Sweet and Buttery Layer

Combine Ingredients: In a heavy saucepan, combine 1 can of sweetened condensed milk, ½ cup of unsalted butter (cut into chunks), ½ cup of packed light brown sugar, ¼ cup of light corn syrup, and ½ teaspoon of fine salt.

Cook Over Medium Heat: Place the saucepan over medium heat and cook, stirring frequently, until the butter is melted and the sugar is dissolved.

Simmer: Once the butter is melted, let the mixture begin to bubble. It will bubble up the sides of the pan first. As soon as this happens, reduce the heat to low and continue to cook at a simmer.

Thicken and Color: Continue to stir the caramel frequently until it thickens and turns a medium caramel color, about 10 minutes. You should be able to drag a spatula through the mixture and see the bottom of the pan for a second before the caramel closes back in.

Tip: Use a candy thermometer to ensure accuracy. The caramel should reach 212°F (100°C).

Remove from Heat: Remove the saucepan from the heat.

Stir in Vanilla: Stir in 1 teaspoon of vanilla extract.

Cool: Pour the caramel into a separate container and let it cool to room temperature. The caramel will thicken as it cools.

Tip: If making the caramel in advance, cover the bowl and store it at room temperature overnight or in the fridge for up to a week. If refrigerated, reheat it gently in the microwave in short intervals until it’s pourable again.

2. Prepare the Shortbread Crust: A Buttery, Crumbly Base

Preheat Oven: Preheat your oven to 350°F (175°C).

Prepare Pan: Spray an 8-inch or 9-inch springform pan or cheesecake pan with non-stick baking spray. Line the bottom of the pan with a parchment paper round for easier removal.

Combine Ingredients: In a medium bowl, combine ½ cup of softened unsalted butter, 1 cup of all-purpose flour, ¼ cup of powdered sugar, and ¼ teaspoon of fine salt.

Mix: Use a fork or a pastry cutter to cut the butter into the dry ingredients until the mixture resembles coarse crumbs and begins to clump together, forming a soft dough.

Press into Pan: Press the shortbread dough evenly into the bottom of the prepared pan using your fingers or the back of a spoon.

Prick and Bake: Prick the crust all over with a fork to prevent air bubbles from forming. Bake for 22-25 minutes, or until the edges are just starting to brown.

Cool: Place the pan on a wire rack to cool completely while you prepare the cheesecake filling.

Lower Oven Temperature: Keep the oven on, but lower the temperature to 300°F (150°C) and place a baking tray filled with about 1 inch of water on the bottom rack.

3. Make the Caramel Cheesecake Filling: Rich, Creamy, and Flavorful

Combine Sugar and Cornstarch: In a small bowl, whisk together 1 ⅓ cups of granulated sugar and 2 tablespoons of cornstarch. This helps prevent the cornstarch from clumping when added to the cream cheese.

Beat Cream Cheese: In a large mixing bowl or the bowl of a stand mixer fitted with a paddle attachment, beat the 4 packages of softened, room-temperature cream cheese on low speed until completely smooth. Gradually add the sugar and cornstarch mixture, beating on low speed until just combined. Scrape down the sides and bottom of the bowl with a rubber spatula to ensure everything is well incorporated.

Add Eggs: Crack the 4 large eggs into a separate bowl and whisk them together. Gradually add the whisked eggs to the cream cheese mixture in a few installments, mixing on low speed until each addition is just incorporated. Scrape down the bowl as needed.

Add Sour Cream, Caramel, and Vanilla: Add ⅔ cup of room-temperature sour cream, ½ cup of the cooled caramel topping, and 1 teaspoon of vanilla extract to the batter. Mix on low speed until just combined.

Tip: Don’t overmix the batter once the eggs are added, as this can cause the cheesecake to crack during baking.

4. Bake the Cheesecake: Using a Water Bath for a Smooth Texture

Pour Batter: Pour the caramel cheesecake batter into the cooled shortbread crust in the springform pan.

Note: If you’re using an 8-inch pan, the batter will fill it close to the top. Don’t worry, cheesecakes don’t rise much during baking.

Double-Check Oven Temperature: Make sure the oven temperature has been lowered to 300°F (150°C).

Bake: Place the cheesecake pan on a large cookie sheet and bake for 20 minutes.

Reduce Temperature: Without opening the oven door, reduce the oven temperature to 225°F (110°C) and bake for an additional 2 hours.

Tip: The low and slow baking method helps to create a smooth, creamy cheesecake without cracks.

Check for Doneness: The cheesecake is done when the edges are set and lightly golden, and the center still jiggles slightly when the pan is gently shaken.

Cool in Oven: Once done, turn off the oven and let the cheesecake sit inside with the door slightly ajar for 1 hour. This gradual cooling helps prevent cracks.

Cool at Room Temperature: After an hour, remove the cheesecake from the oven and let it continue to cool at room temperature for a few hours until it reaches room temperature.

Chill: Once at room temperature, cover the top of the cheesecake with plastic wrap and refrigerate for an additional 3-4 hours, or preferably overnight, to allow it to fully set.

5. Prepare the Chocolate Ganache Topping: A Decadent Finishing Touch

Heat Cream: While the cheesecake is baking or cooling, make the chocolate ganache. In a small heatproof bowl, heat ½ cup of heavy cream in the microwave for about 45 seconds, or until it’s just beginning to bubble around the edges. You can also heat it in a small saucepan over medium heat.

Pour Over Chocolate: Gently pour ⅔ cup of dark or semi-sweet chocolate chips into the hot cream. Make sure the chocolate chips are fully submerged.

Let Sit: Let the mixture sit undisturbed for 1 minute to allow the chocolate to melt.

Stir Until Smooth: Stir the mixture slowly until the cream and chocolate are combined and the ganache is smooth. If any bits of chocolate aren’t fully melted, heat the mixture again in the microwave for 15 seconds and stir until smooth.

Add Butter, Corn Syrup, and Salt: Mix in 2 tablespoons of unsalted butter, 1 tablespoon of corn syrup (if using), and ¼ teaspoon of fine salt until combined. The butter and corn syrup will add a beautiful sheen to the ganache.

Cool: Cover the ganache with plastic wrap, pressing it directly onto the surface to prevent a skin from forming. Let it cool to room temperature. It will thicken as it cools.

Tip: If you need to speed up the cooling process, you can place the bowl in the refrigerator, but check it frequently and stir to ensure even cooling.

6. Decorate the Cheesecake: Adding the Caramel and Ganache Layers

Remove Cheesecake from Pan: Once the cheesecake is fully chilled, carefully run a thin knife or offset spatula around the edge of the cheesecake to loosen it from the pan. Unclasp and remove the sides of the springform pan.

Spread Caramel: Scoop the cooled caramel topping onto the center of the cheesecake. Use an offset spatula or the back of a spoon to spread the caramel into an even layer, leaving a small border around the edge if desired.

Chill (Optional): If desired, chill the cheesecake in the fridge for about 10 minutes to let the caramel firm up slightly. This can make it easier to spread the ganache on top.

Spread Ganache: Once the caramel layer is set, spread the cooled chocolate ganache evenly over the caramel layer using an offset spatula or the back of a spoon.

Add Salt (Optional): Sprinkle a pinch of flaky sea salt over the chocolate ganache for a delicious sweet and salty contrast.

7. Slice and Serve: Enjoying Your Luxurious Creation

Chill Before Slicing (Optional): For the cleanest slices, you can chill the decorated cheesecake for another 30 minutes to allow the ganache to set completely.

Slice: Use a sharp, warm knife to cut the cheesecake into slices. Clean the knife after each cut for neat slices.

Serve: Serve the Millionaire Cheesecake chilled and enjoy the layers of flavor and texture.