The Collaborative International Dictionary of English v.0.48:

Magnifico \Mag*nif"i*co\, n.; pl. Magnificoes. [It. See
   Magnific.]
   1. A grandee or nobleman of Venice; -- so called in courtesy.
      --Shak.
      [1913 Webster]

   2. A rector of a German university.
      [1913 Webster]

WordNet (r) 3.0 (2006):

magnifico
    n 1: a person of distinguished rank or appearance