The Collaborative International Dictionary of English v.0.48:

Esteem \Es*teem"\, v. t. [imp. & p. p. Esteemed; p. pr. & vb.
   n. Esteeming.] [F. estimer, L. aestimare, aestumare, to
   value, estimate; perh. akin to Skr. ish to seek, strive, and
   E. ask. Cf. Aim, Estimate.]
   1. To set a value on; to appreciate the worth of; to
      estimate; to value; to reckon.
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            Then he forsook God, which made him, and lightly
            esteemed the Rock of his salvation.   --Deut. xxxii.
                                                  15.
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            Thou shouldst (gentle reader) esteem his censure and
            authority to be of the more weighty credence. --Bp.
                                                  Gardiner.
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            Famous men, -- whose scientific attainments were
            esteemed hardly less than supernatural. --Hawthorne.
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   2. To set a high value on; to prize; to regard with
      reverence, respect, or friendship.
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            Will he esteem thy riches?            --Job xxxvi.
                                                  19.
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            You talk kindlier: we esteem you for it. --Tennyson.

   Syn: To estimate; appreciate; regard; prize; value; respect;
        revere. See Appreciate, Estimate.
        [1913 Webster]

WordNet (r) 3.0 (2006):

esteemed
    adj 1: having an illustrious reputation; respected; "our
           esteemed leader"; "a prestigious author" [syn:
           esteemed, honored, prestigious]