Preheat the oven to 350 degrees F. Grease and flour three 8 inch pans, adding a circle of parchment or wax paper to the bottom of each pan.
Sprinkle the chopped, sliced almonds evenly on the bottom of the three prepared pans. You can chop them in a food processor. Or, place in a ziplock bag and roll/hit with a rolling pin to break into smaller pieces.
Finely chop the maraschino cherries (one cup) and set aside.
In a medium bowl, whisk the flour, baking soda, baking powder, and salt for 30 seconds and set aside.
In another bowl, add the buttermilk, vegetable oil, and almond extract. Set aside.
In the bowl of your mixer, add the butter and cream cheese and mix at medium speed until smooth.
Gradually add the sugar and mix at medium speed for 3 minutes.
Add the room temperature eggs one at a time, mixing after each until the yellow of the yolk has blended.
Mixing on low speed, alternately add the flour mixture and the milk mixture, beginning and ending with the flour mixture (We did 3 additions of the dry mixture, 2 additions of wet). After last addition, mix just until combined.
Fold in the finely chopped maraschino cherries.
Divide the batter between the three prepared pans (which have been sprinkled with chopped almonds). Smooth over the batter with the back of a spoon.
Bake at 350 degrees F for 25-30 minutes or until a toothpick inserted into the center comes out clean or with just a few crumbs attached. Let cool for 5-10 minutes in the pans on a wire rack before turning out.
This recipe makes 7 ½ cups of batter. Works for cupcakes also (although there will be little to no dome).