The word can be used as either a verb or an adjective. Since it means "boasted" or "brag about", two simple sentences could be:
Verb form:
Jim vaunted about his ability to beat any game for the PlayStation console.
Adj. form:
The highly-vaunted Eiffel Tower in Paris was an impressive site on our trip to France.
As we entered the clearing, I beheld the oft vaunted glimpse of the Moon bow.
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