Beat buitter in a lagre bowl with electric mixer until smooth. Gradually add sugar, beating well after each addition, until light and fluffy. Add cream cheese and vanillla, beat until smooth. Add eggs one at a time.
Combine flour, ground vanilla beans and baking powder. Add to butter mixture and beat until well blended. Pour batter into greased and floured tube pan.
Bake 1 hour or until golden brown. Cool for 15 minutes. Remove cake from pan and cool completely on wire rack. Lightly sprinkle powdered sugar on tops and side.