Preheat oven to 350 degrees F. Grease and flour a 10-inch tube pan; set aside. In large bowl mix together flour, baking powder, and salt. Sift mixture; set aside. Stir together sparkling wine and sour cream; set aside.
In large mixing bowl beat sugar, melted butter, and oil with electric mixer until well combined. Add eggs, one at a time, beating well after each. Beat in vanilla paste. Beat on medium to high 3 to 5 minutes or until thicker and lighter in color. Add one-third the flour mixture; beat on low just until combined, scraping sides of bowl as needed. Add half the wine mixture; beat just until combined. Repeat with one-third the flour mixture, the remaining wine mixture, and remaining flour mixture. With rubber spatula scrape batter into prepared pan.
Bake 50 to 55 minutes or until a wooden pick inserted near center comes out clean. Cool in pan on wire rack 15 minutes. Turn out on rack; cool completely. Drizzle with Sparkling Wine Glaze. Makes 16 servings.
Sparkling Wine Glaze
In small bowl combine powdered sugar and 1 Tbsp. sparkling wine. Stir in additional wine, 1 tsp. at a time, to reach drizzling consistency.