Cosimo received the young Sforza in the chapel "not less ornate and handsome than the rest of the house". The building still includes, as its only 15th century interior that is largely intact, the Magi Chapel, frescoed by Benozzo Gozzoli, who completed it in 1461 with a wealth of anecdotal detail of character types traditionally held to be portraits of members of the Medici family, along with the emperors John VIII Palaiologos and the Emperor Sigismund of Luxemburg, parading through Tuscany in the guise of the Three Wise Men.Other decorations included two lunettes by Filippo Lippi, depicting Seven Saints and the Annunciation, now at the National Gallery, London.
When the Medici family returned to Florence after their short-lived exile in the early 15th century, they kept a low profile and executed their power behind the scenes. This is reflected in the plain exterior of this building, and is said to be the reason why Cosimo de' Medici rejected Brunelleschi's earlier proposal.
The palace was the site of the wedding reception between Ferdinando de' Medici, Grand Prince of Tuscany and Violante Beatrice of Bavaria in 1689.