Set the oven to broil.
Wrap a slice of bacon around each scallop. Trim the bacon to fit around each scallop. Secure the bacon around the scallop with a toothpick.
Season each bacon wrapped scallop with salt and pepper. Set aside.
Place the peaches, water, 1/4 cup of bourbon, and brown sugar in a medium sauce pan. Stir the ingredients together.
Bring the peach mixture to a boil. Then, turn down the heat to medium low, and cook the mixture for about 15 minutes. During the cooking process of this mixture - Once the peaches are soft, cut the peaches into small pieces to help release the peach flavor.
The sauce will reduce in amount during the cooking process.
Once you have cooked the peaches, use a strainer to drain the juice from the peaches. After draining the juice away from the peaches, place the juice back into the sauce pan.
Mix the 1 and 1/2 tablespoons of bourbon with the cornstarch until the cornstarch is blended and smooth. Then add the cornstarch mixture to the peach juice.
Cook this peach juice for about one minute, remove from heat, and set aside. (The sauce will thicken).
Place about two tablespoons of olive oil in an oven safe pan and heat the oil on medium high heat until the oil is hot.
Once the oil is hot, place the scallops in the pan and brown the scallops for 2 minutes on each side.
Place the pan of scallops in the oven and broil the scallops for about 5 to 7 minutes.
Garnish with sauce.
Serve immediately