star like white object/light traveling east from western horizon. Changed directions at 45 degrees above horizon and began traveling south. Object changed colors from white to orange red color. Object had continuous illumination and no blinking. Slight pulsation only. Object traveling at many times faster than jet aircraft. Was observed by me and my two children age 9 and 12. No cloud cover at time of observation. Object vanished in clear sky 10 seconds after turning to reddish color. Vanished before our very eyes without explanation.