A noble, important rich old guy with his lover. Being a Courtesan was a full time job at the time for a woman.
A little more considered than street prostitutes, although still regarded as such.
Courtesans spent their life pleasing their master, that was it. You had some advantages out of that, other than financial, as being able to dedicate your life to culture, intellectual achievements, but was basically "that" kind of exchange.
The Magnifico is also how Pantalone is called, having he all the typical traits of this kind of rich persons.