from a distance appeared bright starlike with red and blue lights also

Through my picture window I observed what appeared to be a bright star in the sky west of my home.I then went outside to get a better look and saw that it appeared to have red and blue light around the edges of it.It was remaining stationary for the most part but then it dipped below the tree line slightly.My husband and I decided to try and observe it from a better location over the water at a park across the street.My husband got it positioned in my son's toy telescope.It appeared to be a lighted square with cocave sides curved inward.The whole outline of this shape was lit up bright white and the inside was dark.There was also red and blue lights shooting out from all sides it appeared that either the lights were rotating or the whole thing was rotating rapidly.It appeared to be hovering for the most part maybe moving slightly to the L/R or up down.We watched it for approximately 10 minutes until it seemed to get smaller and more concave.I have no idea what this was but it really shocked me when I saw it through the telescope.My son and daughter also witnessed this phenomenon.
We suspect the witness implies a nighttime sighting.  We further suspect that the witness was observing the planet, Venus.  PD