circular,bright multicolored lights rotating around middle of object

I was about 12 years old at the time, playing with approx. 4 other kids near a big sewer pipe near our apts.  
Someone said look at that and I did,I saw a HUGE circular ship that had different colors revolving around the ship.red, blue, green etc.it made it look sort of like one of those lighted tops, because the colors were changing it looked like the thing was hovering but spinning around and around.
We all just stood there looking at this thing until it sorta went below the tree level and we couldnt see it anymore.  It stayed with me all these years, I never told people what we saw, but I always knew it was not of this world.  I dont know if the others ever told,this is the first time I've told about that in all these years.
Witness indicates that date of incident is approximate.  PD