Refrigerate the sweetened condensed milk in the fridge overnight or place it into the freezer for about 2 hours.

Break or cut the vanilla cake into penny sized pieces.

Drain the maraschino cherries and remove the stems.

Add the sugar to a pan and caramelize on low heat.

Stir in the butter and the chopped nuts. Fry for a couple of minutes until the nuts are golden brown.

Set aside to cool down completely.

In a stand mixer bowl whisk the cold heavy whipping cream until peaks form.

Add the cold condensed milk and the vanilla extract to the heavy whipping cream and whisk the mixture on high for about 2 more minutes.

Remove the whisk attachment and fold the cake pieces, the cherries and the nuts into the ice cream base.

Transfer the mixture to one large or several serving-sized airtight containers.

Freeze the ice cream for a minimum of 4 to 6 hours or overnight.