Create an image of a majestic underwater palace filled with mystical creatures, painted with vibrant colors and adorned with elements of fantasy and mythology such as mermaids, unicorns, and dragons swimming gracefully among the coral reefs and shimmering treasures.

Imagine a majestic underwater palace that exists in a realm full of captivating beauty. The palace is constructed with elements of fantasy and mythology, and its architecture is touched by vibrantly painted shades of aquatic life. Feathered unicorns with shimmering scales glide through the water, entwined with gentle mermaids of diverse descents, from Black to Caucasian, Middle-Eastern to Hispanic, while dragons with iridescent wings command awe and respect. Decorating the ocean floor, a maze of coral reefs teem with life, forming a breathtaking garden of biodiverse richness. Amidst the coral, treasures glisten, emitting a tantalising shimmer in the palace's ethereal glow.