bright sphere of light

it was a clear night last night. as we were leaving a friends house, 845 pm. the stars were clearly visible. as we looked over the lake-east of our city. we noticed a bright ball of light. it was way brighter than the stars. and was moving in a way-that looked, as if it floating downward, in a zig zag motion. as we starred at it, it slowly started to fade into a small dim red sphere, and literally...faded into nothing....disappeared. right before our eyes. id have to say, it was like watching a craft go into hyper speed, and be gone. ive seen many other ufos, but nothing as the one i saw last night. i know others at the lake front-had to have seen it. it was that noticeable.