Was taking the trash out and went in backyard to get tools out of the shed. looked up and saw what i thought was an airplane. noticed it wasn't moving so i continued to watch. it dimmed and shrunk to an average sized star, but still visible. kept watching and it began to get brighter and brighter. continued to linger and cycle from dim to bright and dim again about every 10-20 seconds. i watched for a few minutes and took some pics with my phone. i went back inside and asked my fiancé to come take a look. her 9 year old son also came out to have a look. we all saw it and recorded video with our phones. her son went back inside to grab his binoculars. through the binoculars you could see red and blue. it looked diamond shaped with red on the left and right side of object and blue from top to bottom. looked like the colored lights radiated. during this time we saw airplanes cross from one side of the sky to the other as a normal airplane would. this object wasn'tt moving. i recorded audio of my observations and pulled up the compass app to get an exact bearing. between 180-182 degrees west. total observation lasted over 40 minutes before it abruptly disappeared.