This palace is in the kingdom of Kapliavastu. His father heard that his son was going to become a Buddha he was upset. He kept his son in the palace and gave him the best life to make him stay in the palace to then become king.
Soon Siddhartha (the son of Kapliavastu) got bored of his palace life and wanted to see the outside world. He went outside on 4 trips and saw 4 things. He saw sickness, old age, death, and a wondering monk.
The buddha teaches
So he left his palace and became a wondering monk. He also cut off his hair to show that he had renounced the worldly lifestyle, also now going by the name Gautama. He wore ragged robes and wondered to and from different places. He meditated and ate only leaves, roots, and fruits.
The last years
He was sitting under a tree one night and he was not going to move until he found a way to end suffering. He was tempted with a lot of things. He did not do anything he was tempted too and he found the answer to his question, now he is known as the Buddha.
This span of his lifetime is now all about him teaching others. The teachings were called dharma. He encouraged everyone to have compassion for one another.
He died around 486 BC when he was around the age of eighty. He left a lot of people now informed with his teachings. He said he was not the only Buddha and there were many in the past and future.