In a large skillet, cook shallot in hot butter about 5 minutes or until tender, stirring occasionally. Stir in brandy, Marsala, red wine, and peppercorns. Bring to boiling; reduce heat. Simmer, uncovered, for 10 minutes.
Add beef stock, whipping cream, tomato paste, salt, and bay leaf. Stir until well combined. Return mixture to boiling; boil gently, uncovered, for 30 to 40 minutes or until mixture thickens and is reduced to 3/4 cup. Watch closely at the end so sauce does not thicken too much. If desired, season to taste with additional salt and pepper. Strain mixture through a fine sieve before serving. Serve with grilled steak. Makes 1/2 cup sauce (four 2-tablespoon servings)