High Quality Content by WIKIPEDIA articles! A palace is a grand residence, especially a royal residence or the home of a head of state or some other high-ranking dignitary, such as a bishop or archbishop. The word itself is derived from the Latin name Pal tium, for Palatine Hill, one of the seven hills in Rome. In many parts of Europe, the term is also applied to relatively large urban buildings built as the private mansions of the aristocracy. Many historic palaces are now put to other uses such as parliaments, museums, hotels or office buildings. The word is also sometimes used to describe a lavishly ornate building used for public entertainment or exhibitions.