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It is a two syllable Germanic surname... other, more familiar yet totally infamous, examples include - Rommel, Gobbels, Goering, Doha, Himmler, Durritz, Gothe, etc.
Interesting question. I am in the minority of people who say Por sh. The other pronunciation sounds too pseudosophisticated for me. No offense intended.
How do we Germans pronounce it... Well, the problem is that we have a different pronounciation of the letter 'r'. The sound of the "Por-" pronounciation is probably closest to the English word "for". The second part of the name, the "-sche", is clearly spoken as a separate syllable and sounds almost like "****" without the "-t".