Millionaire Cheesecake

4.96 from 89 ratings

Millionaire Cheesecake

This millionaire cheesecake is made with a buttery shortbread crust and topped with decadent layers of caramel and chocolate ganache.

Prep Time30

Cook Time2 15

Additional Time4

Total Time6 45

Course: Cheesecake

Cuisine: American

Servings: 16

Calories: 130kcal

Author: Chelsey White

Equipment

Ingredients

Caramel Topping

14 oz. can sweetened condensed milk 396g
1/2 cup unsalted butter, cut into chunks 113g
1/2 cup packed light brown sugar 100g
1/4 cup light corn syrup 60g
1/2 tsp fine salt 3g
1 tsp vanilla extract or vanilla bean paste 4g

Shortbread Crust

1/2 cup unsalted butter, room temperature 113g
1 cups all-purpose flour 125g
1/4 cup powdered sugar 27g
1/4 tsp fine salt 1g

Caramel Cheesecake

1 1/3 cups granulated sugar 266g
2 Tbsp cornstarch 18g
4 8 oz. packages full-fat cream cheese, room temperature 904g
4 large eggs, room temperature 224g
2/3 cup full-fat sour cream, room temperature 170g
1/2 cup caramel topping, room temperature - recipe above 150g
1 tsp vanilla extract or vanilla bean paste 4g

Chocolate Ganache Topping

1/2 cup heavy whipping cream, room temperature 120g
2/3 cup dark or semi-sweet chocolate chips 120g
2 Tbsp unsalted butter, room temperature 30g
1 Tbsp light corn syrup - optional 20g
1/4 tsp fine salt 2g

Garnish - Optional

flakey sea salt - garnish

Instructions

Caramel Topping

Make the caramel filling first so that it can thicken up before being added to the cheesecake batter.
Heat 1 can of sweetened condensed milk, 1/2 cup butter, 1/2 cup packed brown sugar, 1/4 cup light corn syrup, and 1/2 tsp fine salt over medium heat in a heavy saucepan. Stir frequently and let the mixture just begin to bubble (if you have and are using a candy thermometer, cook until the mixture hits 212°F/ 100°C). It will start bubbling up on the sides of the pan first. Once this happens, turn the heat down to low to let the caramel simmer.
Continue to stir frequently until the mixture thickens and becomes 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 once it's ready. Remove from the heat and stir in 1 tsp vanilla extract.
Pour into a separate container, then set aside to cool to room temperature. If you make this in advance, cover the bowl and store it at room temperature overnight or in the fridge for up to a week. If you refrigerate the caramel, heat it in the microwave in short 15-second intervals until it reaches room temperature and is a more workable consistency.

Shortbread Crust

Next, work on the shortbread crust. Preheat the oven to 350°F/175°C. Spray an 8- or 9-inch springform or cheesecake pan with non-stick baking spray, then place a parchment round on the bottom of the pan.
Use a fork or pastry cutter to combine 1/2 cup butter, 1 cup flour, 1/4 cup powdered sugar, and 1/4 tsp fine salt. It should form a soft dough once combined.
Press into the bottom of the prepared pan with your fingers to create an even layer.
Prick the crust thoroughly with a fork, then bake for 22-25 minutes, or until the edges are just starting to brown.
Place the pan on a wire rack to cool. 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.

Caramel Cheesecake

While the cookie crust bakes and cools, make the cheesecake filling.
Whisk together 1 1/3 cups of sugar and 2 Tbsp of cornstarch in a small bowl. This helps prevent the cornstarch from clumping.
In a large mixing bowl or the bowl of a stand mixer fitted with a paddle attachment, beat 4, 8-oz packages of room temperature cream cheese and the sugar/cornstarch mixture on a low speed until the mixture is completely smooth. Scrape the sides and bottom of the bowl with a rubber spatula to make sure everything is properly combined.
Crack 4 eggs in a bowl and whisk them together. Gradually mix the eggs into the cheesecake batter in a few installments while mixing on a low speed. Then mix in 2/3 cup sour cream, 1/2 cup caramel (recipe above), and 1 tsp vanilla extract until just combined.
Pour the caramel cheesecake batter into the prepared pan.
NOTE: If you use an 8-inch pan, it will be filled close to the top of the pan! But don't worry, cheesecake doesn't really rise as it bakes, so it shouldn't overflow in the oven.
Double-check that the oven temperature has been lowered to 300°F/150°C, then place the cheesecake pan on a large cookie sheet and bake the cheesecake for 20 minutes.
Without opening the oven door, reduce the oven temperature to 225 F / 110 C and bake for an additional 2 hours. It sounds crazy, but low and slow is the best way to bake up a perfect, crack-free cheesecake that doesn't sink.
Once the cheesecake is done baking, turn the oven off and let the cheesecake sit in the oven for 1 hour without opening the door.
Next, remove the cheesecake from the oven and let it continue to cool at room temperature for a few hours. Once it reaches room temperature, cover the top of the cheesecake with plastic wrap and refrigerate the cheesecake for an additional 3-4 hours or overnight (preferred).

Chocolate Ganache Topping

Make the chocolate ganache as the cheesecake bakes and cools, because it needs time to cool and thicken before we top the cheesecake with it.
Heat 1/2 cup of heavy cream in a heatproof bowl in the microwave for 45 seconds, until it's just beginning to bubble.
Gently pour 2/3 cup of dark chocolate chips into the heavy cream. Make sure the chips are fully covered with cream. Let the mixture sit for 1 minute.
If you want to use milk chocolate to make the ganache, use 2 cups (360g) of good-quality milk chocolate chips.
Stir slowly until the cream and chocolate are combined and the mixture is smooth. If any bits of chocolate aren't fully melted, heat the mixture again for 15 seconds and stir until smooth.
Mix in 2 Tbsp of unsalted butter, 1 Tbsp of corn syrup, and 1/4 tsp fine salt until combined.
Cover with plastic wrap to prevent the ganache from forming a skin, then set aside to cool to room temperature. If you want to accelerate the cooling process, place the bowl in the fridge. If you need to make this in advance, it can be covered and stored in the fridge for up to a month.

Decorating This Millionaire Cheesecake

Once the cheesecake is fully cooled, carefully release it from the pan and scoop the room-temperature caramel on top of the cheesecake. Spread it into an even layer.
Chill in the fridge for 10 minutes to let the caramel firm up, then spread the room-temperature chocolate ganache on top of the caramel.
Add a sprinkle of flaky sea salt, then use a sharp, warm knife to cut into the chilled cheesecake. Clean the knife after each cut to get perfect slices. Leftover cheesecake can be kept in the fridge for up to a week in an airtight container.

Video

Notes

For a detailed list of ingredient swaps and substitutions that can be made in each component of this recipe, please refer to the "swaps and substitutions" section above.

Using This Recipe to Make Millionaire Cheesecake Bars

You can use either an 8x8-inch pan or a 9x13-inch (quarter sheet pan) to make millionaire cheesecake bars with this recipe.

Whichever size pan you use, be sure to line the pan with parchment paper and spray it with non-stick spray to make it easier to cut the bars and remove slices.

You can make these in an 8x8-inch pan following the recipe below, but I recommend making a 1/2 batch of the cheesecake batter and the caramel.

Bake them at 325°F/162°C for 42-47 minutes with a water tray on the bottom rack. The edges should look set, and the center will still be a bit jiggly when they're done.

You can make these in a 9x13-inch pan by using one batch of the cheesecake and caramel recipe, but doubling the crust recipe and chocolate ganache recipe.

Bake them at 325°F/162°C for 40-45 minutes with a water tray on the bottom rack. The edges should look set, and the center will still be a bit jiggly when they're done.

Making This Millionaire Cheesecake in Advance

This cheesecake can be stored in the fridge for up to a week. Store slices in an airtight container or cover the springform pan tightly with plastic wrap and foil to keep it fresh. If you're making this cheesecake in advance, wait to top it with the caramel and chocolate ganache until you plan to serve it.

You can also freeze this cheesecake for up to 3 months! After it's baked and cooled, release it from your pan, then freeze the entire cheesecake until it's firm to the touch (about 3 hours).

Carefully lift the cheesecake off the bottom of the springform pan and slide it onto a cardboard cake round or plate. Wrap the entire cheesecake in a couple of layers of plastic wrap and then foil.

When you're ready to enjoy the frozen cheesecake, place it in the fridge overnight, then unwrap and enjoy it the following day. Wait to add the caramel and ganache topping until you're ready to cut into it.

How To Make the Best Millionaire Cheesecake

Make sure the ingredients are at room temperature. It helps them mix together better and will give the cheesecake a smoother texture.
Use full-fat cream cheese that comes in brick form. I highly recommend using the Philadelphia brand (not sponsored - it just works best!). Avoid organic cream cheese if possible; it's creamier and will make the cheesecake denser and less fluffy.
Mix the batter on a low speed once you start mixing ingredients into the cream cheese/sugar mixture. You want to incorporate as little air as possible into the batter. Excess air in your batter can cause your cheesecake to crack.
Make this cheesecake early in the day. The baking and cooling process takes about 6 hours before you can place the cheesecake in the fridge.
Follow the cooling instructions to a T! I know it's a slow process, but it's worth it. It helps ensure the cheesecake has the perfect consistency once it's cooled.
Use a warm, sharp knife to get clean slices. Fill a tall cup with hot water and dip a sharp knife into it. Dry the knife fully, then cut into the cheesecake. Repeat with each cut, being sure to wipe the blade completely clean after each cut.
If the butter doesn't get fully incorporated into the caramel (this can happen if the caramel gets cooked at slightly too high a temperature), don't worry! You can gradually stir the butter into the caramel as it cools, and it will come together once it reaches room temperature. It won't be quite as smooth as normal, but it will still taste great!
If your cheesecake cracks while baking or cooling, don't fret! You can easily cover it with caramel and ganache while decorating this cheesecake, and no one will know.
Make room in your fridge ahead of time so you can easily chill the cheesecake once it reaches room temperature.

Nutrition