1. A relatively large and impressive residential building, typically grander than a regular house but smaller than a full palace
The wealthy businessman built a beautiful palacete overlooking the city.
O empresário rico construiu um lindo palacete com vista para a cidade.
2. An ornate or elaborate residential structure, often from the 19th or early 20th century
The old palacete on the hill has been converted into a museum.
O antigo palacete no morro foi convertido em museu.