Preheat oven to 350°F (180°C). Line a muffin tin with paper liners.
In a medium bowl, whisk together the all-purpose flour, almond flour, baking powder, and salt until well combined.
In a separate bowl, cream together the butter and granulated sugar until light and fluffy.
Add the eggs one at a time to the butter mixture, mixing well after each addition. Stir in the vanilla extract.
Grate or finely chop the marzipan and fold it into the batter, ensuring each cupcake has a delightful almond flavor.
Gradually add the dry ingredients and milk to the wet ingredients, alternating between the two, mixing until just combined. Do not overmix.
Fill the muffin liners about ¾ full with batter. Bake for 18-20 minutes, or until a wooden skewer inserted into the center comes out clean.
While the cupcakes are baking, prepare the frosting: in a bowl, beat together the cream cheese, powdered sugar, and heavy cream until light and creamy.
Let the cupcakes cool completely before frosting. Decorate with the cream cheese frosting and sprinkle with grated marzipan or almond slivers.
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