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Preheat oven to 325°. Generously grease a 12-cup Bundt pan or tube pan.
Whisk together flour and salt. Set aside.
Beat butter and cream cheese until fluffy. Add both sugars and mix well. Add eggs, 2 at a time, mixing well after each addition. Mix in vanilla.
Gradually add flour mixture, beating just until blended.
Pour batter into prepared pan. Bake 80-90 minutes, or until a long pick inserted into the center comes out clean.
Cool cake in pan for about 15 minutes. Then, remove cake to wire rack to cool completely.
Place white chocolate in a microwave-safe bowl. Heat in 30-second increments until chocolate melts when stirred. Add preserves and stir until blended. Spoon warm sauce over cake slices.