Gwyneth Paltrow flashes sideboob in sheer velvet dress in Spain -- see her flirty ensemble!

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Gwyneth Paltrow, belle of the ball!

The 44-year-old actress was honored with the Icon award at ELLE's 30th anniversary party at the Circulo de Bellas Artes in Madrid, Spain, on Wednesday, where she owned the red carpet in a head-turning dress.

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Paltrow opted for a quirky floor-length Gucci gown, which featured black dance briefs, ruffled cap sleeves and a pleated velvet skirt. But all eyes were on the dress' sheer bodice, which was embroidered with a velvet rose design intricately placed over her bust.

See her stunning look below:
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Gwyneth Paltrow flashes sideboob in sheer gown
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Gwyneth Paltrow flashes sideboob in sheer gown
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends 'Elle Magazine' Awards 30th Anniversary at Circulo de Bellas Artes on October 26, 2016 in Madrid, Spain. (Photo by Europa Press/Europa Press via Getty Images)
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends 'Elle Magazine' Awards 30th Anniversary at Circulo de Bellas Artes on October 26, 2016 in Madrid, Spain. (Photo by Europa Press/Europa Press via Getty Images)
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends ELLE Magazine 30th anniversary party at Circulo de Bellas Artes Club on October 26, 2016 in Madrid, Spain. (Photo by Carlos Alvarez/Getty Images)
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends ELLE Magazine 30th anniversary party at Circulo de Bellas Artes Club on October 26, 2016 in Madrid, Spain. (Photo by Carlos Alvarez/Getty Images)
Actress Gwyneth Paltrow attends the ELLE magazine party in Madrid.26 of October 2016 (Photo by Oscar Gonzalez/NurPhoto via Getty Images)
Gwyneth Paltrow attends the Elle Magazine Spain 30 Anniversary awards in Madrid on Oct 26, 2016 (Photo by Gabriel Maseda/NurPhoto via Getty Images)
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends ELLE Magazine 30th anniversary party at Circulo de Bellas Artes Club on October 26, 2016 in Madrid, Spain. (Photo by Carlos Alvarez/Getty Images)
MADRID, SPAIN - OCTOBER 26: (L-R) Salvador Tous, Gwyneth Paltrow and Rosa Tous attend 'Elle Magazine' Awards 30th Anniversary at Circulo de Bellas Artes on October 26, 2016 in Madrid, Spain. (Photo by Europa Press/Europa Press via Getty Images)
MADRID, SPAIN - OCTOBER 26: Gwyneth Paltrow attends the ELLE 30th anniversay party at the Circulo de Bellas Artes on October 26, 2016 in Madrid, Spain. (Photo by Fotonoticias/WireImage)
Gwyneth Paltrow attends the Elle Magazine Spain 30 Anniversary awards in Madrid on Oct 26, 2016 (Photo by Gabriel Maseda/NurPhoto via Getty Images)
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The mother of two completed her look with strappy Jimmy Choo heels and a bejeweled bracelet and scarlet teardrop earrings from Tous jewelry, and her subtle makeup and sleek straight hair helped keep the focus on her flirty frock.

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At one point, Paltrow also snapped a photo with James Costos, United States Ambassador to Spain and Andorra. "Thank you, Ambassador for a quick and amazing stay in #madrid and for being such a handsome date @theserranopost," she shared via Instagram. "#happy30elle #tous #gucci."

Earlier this month, Paltrow showed off her washboard abs in a glam photo shoot for the November issue of Harper's Bazaar. In her accompanying interview with the magazine, she revealed what it's like to be close pals with Beyoncé.

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"If you met her and you didn't know who she was or what she did, it would be inconceivable to you that she was Beyoncé," Paltrow said of the "shy" star. "Some really famous people, even when they're off-duty, have this energy that is sort of overpowering. She does not have that."

Hear more in the video below.

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