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Ever since I was a little kid, I’ve always been fascinated with masquerade balls.

It began the first time I saw “The Pink Panther,” Blake Edwards’ 1963 film starring Peter Sellers as the bumbling Inspector Clouseau. The climatic scene of the comedy takes place among a sea of elaborate costumes at a masquerade ball with Clouseau, dressed as an ape, trying to corral a jewel thief, who also happens to be dressed as an ape.

I always thought: How fun would it be to get dressed up for an elaborate costume ball? Not one of those cheesy Halloween parties where people are bobbing for apples. I’m talking full-on, very old-school costumed affair.

This is why I was excited to find out that the Magnificent Mile’s luxurious Drake Hotel decided to bring back its Masquerade Ball this Saturday in the elegant Palm Court. It’s not to be confused with whatever Halloween parties various city and suburban bars or clubs are having over the next few days (Halloween falls on Wednesday).

At those parties, you’ll probably find women dressed as sexy nurses or guys dressed like one of the members of the Village People. Or maybe variations of costumes featuring Hillary Clinton, Barack Obama, President Bush or a pregnant Britney Spears.

Not at the Drake.

“We’d like to think ours is on a level of sophistication that can’t be compared,” says Vicki Poulos, head of marketing for the hotel. “Everybody else is trying to see who can play the loudest music and who can have the most extravagant costume contest. Ours is just a little more sophisticated and traditional.”

Built in 1920, the Drake was known for throwing luxurious masquerade balls back in its heyday, with masked women primping in evening gowns and masked men donning tailored tuxes. In fact, for a taste of Halloween creepiness, there’s the story of a “Lady in Red” — not to be confused with the woman who proved to be gangster John Dillinger’s undoing at the Biograph — who still haunts the hotel’s 10th floor.

As the story goes, the woman, upon finding her lover getting cozy with another woman at a masquerade ball in the 1920s, flung herself from the rooftop of the hotel. Over the years, people claim to have seen this woman roaming the halls and members of the staff claimed to have received mysterious calls from a woman complaining of loud noise — with the calls being traced to a storage room.

Scary stuff, huh?

But there’s nothing scary about the latest version of the Masquerade Ball, which the Drake decided to bring back after the success of last year’s Halloween extravaganza.

It is held in the grand Palm Court where, on weekend afternoons you’ll find sophisticated ladies sipping tea as water calmly spurts from the luxurious fountain that is the centerpiece of the elegant room. For $35 per person (reservations are required for the ball), a crowd of mostly 35 and older will dance to Latin, swing and ballroom music provided by Jen Zias and the Dennis Anderson Trio. Not only can guests choose from a variety of Halloween masks, the price includes the Palm Court’s signature “Bewitched” cocktail, and mini-appetizers until 10 p.m. (the party begins at 9 p.m. and ends at 12:30 a.m.).

It truly is a sophisticated alternative to the usual loud, sometimes out-of-hand Halloween party scene.

“This is more upscale than your average party,” says Zias, whose musical repertoire for the evening will include “Black Magic,” “Witchcraft” and other haunting tunes. “I mean, some people come in costumes but it’s mostly ball gowns. Think Mardi Gras Ball or Venetian Ball. It’s something different to do. It’s an elegant twist on Halloween.”

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Palm Court Masquerade Ball

When: 9 p.m.-12:30 a.m. Saturday

Where: The Drake Hotel, 140 E. Walton Pl.; 312-787-2200, www.thedrakehotel.com

The buzz: An elegant twist on Halloween, this is the second year of the Drake’s masquerade ball ($35). All guests receive masks — including elaborately feathered masks for the ladies. Dance the night away to the sounds of Jen Zias and the Dennis Anderson Trio, who will play Latin, Swing and Ballroom. Price includes one complimentary “Bewitched” cocktail along with mini-appetizers until 10 p.m. Reservations are required (call 312-932-4619 or e-mail palm(underscore)[email protected]).

Terry’s tip: Try to get there as early as possible for the best selection of masks. Oh, and it might not be a good idea to come dressed as Spider-Man or C3PO from “Star Wars.” Wear a nice suit or a nice gown.

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