Simplify the following text for a Grade 7 native English-speaking person.
Original: The Palacio Real de Madrid ( The Royal Palace of Madrid ) , also known as the Palacio de Oriente ( The Orient Palace , or Far East Palace ) , is the official residence of the King of Spain in the city of Madrid , but it is only used for state ceremonies .
Simplified: The Palacio Real de Madrid ( Royal Palace of Madrid ) is the official home of the King of Spain .