Combine 1/4 cup butter or margarine, wafer crumbs, and granulated sugar. Press firmly on the bottom of a 9 inch springform pan.
In a large bowl, beat the cream cheese until fluffy. Gradually beat in the sweetened condensed milk until smooth. Add eggs. Mix well.
Stir in 1/4 cup rum, vanilla extract, and nutmeg. Pour into the prepared pan. Bake at 300 degrees F (150 degrees C) for 40 to 50 minutes, or until the cake springs back when lightly touched. Cool. Chill.
To Make The Sauce: In a small bowl, dissolve the cornstarch in the cup of water. In a medium saucepan, melt the 2 tablespoons butter or margarine.
Stir in the brown sugar and cornstarch mixture. Bring to a boil, stirring constantly. Reduce heat, and simmer for 10 minutes. Remove from heat.
Add the 2 tablespoons dark rum. Cool. Just before serving stir the pecans into the sauce. Remove the sides of the springform pan from the cheesecake. Serve with the sauce.
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