- Put an oven rack in the middle of the oven and preheat to 350°F / 180°C.
- Coat a Bundt pan with a little butter, then coat the bottom with 1/4 cup dulce de leche and put it in a large roasting pan. (The roasting pan will serve as a water bath during baking.)
- For the cake: Add the butter and sugar to a bowl and using an electric hand mixer or stand mixer, beat until light and fluffy, then beat in the egg. Sift together the flour, baking powder, baking soda and cocoa in a medium bowl. Beat 1/3 of the flour mixture, and 1/2 of the buttermilk into the egg mixture. Repeat, ending with the flour mixture. Blend until well incorporated.
- For the flan: In a blender, combine the evaporated milk, condensed milk, cream cheese, eggs, vanilla, nutmeg powder and dulce de leche. Blend on high for 30 seconds.
- Scoop the cake batter into the prepared Bundt pan and spreading evenly. Slowly pour the flan mixture over the cake batter. Cover with foil and add about 1-inch of hot water to the roasting pan.
- Carefully slide the pan into the oven, and bake 1 to 1 to 1 ¼ hours, until the surface of the cake is firm to the touch, or an inserted toothpick comes out clean. When cake is done, remove from the water bath and cool completely to room temperature, about 1 hour.
- Cool completely then refrigerate at least 4 hours or overnight.
- Place bottom third of Bundt pan in bowl of hot tap water for 1 minute. Invert a large, rimmed serving platter over the Bundt pan, grasp tightly together, giggle a little and flip over. Remove the pan and scrape any remaining dulce de leche from the pan onto the cake. Serve with extra caramel sauce drizzled over the top.
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