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Preheat oven to 325 F. Grease and flour a 12 cup bundt pan. Set aside.
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Stir together milk and wine and then let stand 10 minutes. Set aside.
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Beat the butter and lemon zest at medium speed with an electric stand mixer until creamy. Gradually add the sugar, beating at medium speed until light and fluffy. Add eggs, 1 at a time, beating just until blended after each addition. Beat in the vanilla.
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Whisk together the flour, baking powder, baking soda, and salt. Add to butter mixture alternately with milk mixture, beginning and ending with flour mixture, in 3 and 2 additions. Mix at low speed just until blended after each addition; do not overmix.
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Bake for 65-70 minutes, or until a cake tester inserted in the center comes out clean. Cool in pan on a wire rack 10 to 15 minutes; then invert cake onto a wire rack. Place foil underneath the rack to catch the glaze.
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Make the glaze by whisking together the glaze ingredients. Let the cake cool for 20 minutes, until it is no longer hot but still warm. Brush or drizzle the glaze over the top and sides of cake. Cool completely before slicing.