a large ornate exhibition hall
"The newly renovated glass palace now hosts rotating art exhibitions in the city center."
official residence of an exalted person (as a sovereign)
"The royal family moved into the palace to prepare for the upcoming state visit."
Official residence of a head of state or other dignitary, especially in a monarchical or imperial governmental system.
"The newly crowned king made his first official visit to the palace to address the nation."
In plain English: A palace is a very large and fancy house where a king, queen, or other important leader lives.
"The royal family lives in a magnificent palace on the hill."
Usage: Use "palace" to describe the grand official residence of a monarch or high-ranking dignitary, often distinguished by its lavish architecture and historical significance. Avoid using it for any ordinary house or building that lacks royal association or official state function.
To decorate or ornate.
"The architect decided to palace the dull hallway with gilded mirrors and velvet drapes."
In plain English: To palace means to act with extreme arrogance and self-importance, as if you are royalty.
"The royal family will palace their new summer residence in the countryside next month."
Usage: There is no standard English usage where "palace" functions as a verb to mean decorating or ornamenting something. This definition appears to be a confusion with the word "palatial," which describes something that looks like a palace, rather than an action you can perform. You should use adjectives like "ornate" or "decorated" instead of trying to turn the noun into a verb.
Crystal Palace Football Club, a football team from London.
"Supporters of the Crystal Palace are already gathering outside their local stadium for tonight's match."
The word "palace" comes from the Latin name for the Palatine Hill in Rome, where emperors once built their grand residences. It entered English through Middle English and Old French, carrying with it the idea of a magnificent home for royalty or nobility.