The Collaborative International Dictionary of English v.0.48:

Princewood \Prince"wood`\, n. (Bot.)
   The wood of two small tropical American trees (Hamelia
   ventricosa, and Cordia gerascanthoides). It is brownish,
   veined with lighter color.
   [1913 Webster]

WordNet (r) 3.0 (2006):

princewood
    n 1: tropical American timber tree [syn: princewood, Spanish
         elm, Cordia gerascanthus]
    2: large tropical American tree of the genus Cordia grown for
       its abundant creamy white flowers and valuable wood [syn:
       Spanish elm, Equador laurel, salmwood, cypre,
       princewood, Cordia alliodora]