Combine flour and sugar in a food processor, add the 140g butter and egg yolk. Pulse until mixture comes together as smooth dough. Turn out onto a lightly floured surface and briefly knead the dough. Wrap with plastic and refrigerate for at least 15 minutes.
Preheat oven to 200 degrees C. Roll the dough out to about a 30cm circle. Cover the bottom and halfway up the sides of a 23cm springform pan. Set aside.
Cut marzipan and butter into pieces and combine in the bowl of a food processor. Process until smooth. Add eggs one at a time and process until smooth. Mix in almond essence. Pour filling into prepared crust.
Bake in the preheated oven for 25 to 30 minutes, or until golden brown and filling is set. Let cool for 20 minutes, then gently loosen sides of pan and cool completely.
In a small bowl combine icing sugar with water to make a thin glaze. Spread on top of cake and garnish with cherries.