A round overing craft over neighbors roof, emitting a roaring sound , observed fire like a jet engine beneath

At approximately 0200 my mother woke the family up and told us to look out her bedroom window.   All our bedrooms were on the second story of our house. 
My sister and I and my Father and Mother saw a large circular craft hovering over the house across the street.  The craft was about 25 feet above the roof of the neighbors house.  It was about the width of the house approximately 30 foot across the base.  
I could look up into the craft and it was like the fire of a jet engine, roaring red and blue flame.  It emitted a sound like a jet engine as it hovered.  
I watched it hover for about two minutes.  It then rose vertically for about 40 feet and then moved horizontally  to the left and slowly gained speed travelling horizontally for about 1000 feet.  After about 1000 feet on the horizontal it gained speed and altitude and was just a fast moving speck disappearing into the night in a matter of a few seconds.  
I cannot figure out to this day what it was.
Witness indicates that date of the event is approximate.  PD