By the way, I just realized that if you assume that the second verse is a different character talking, the whole thing could make more sense ... Still in mode, though.
I realise I wasn't very clear on that point.
The first part is clearly Mr. Strong Man talking, in the second it could be a general use of "you" in the sense of "one", so it would be gradually dawning on him that he would also be annihilated in the end. Or it's someone else talking to him, as a word of warning. That makes more sense, I believe.
In any case, I'm sure that all those images (the palace, the golden chair) were chosen on purpose and that, together, they all point to one specific target. I wish we knew when the song was written, then we would also know who the "pawn" was that he has "sacrificed":