January 5, 2009 8:02 a.m. EST

Shannon Moore - Celebrity News Service Reporter

Washington, D.C (CNS) - The Inaugural Purple Ball will be held on the evening of Barack Obama's inauguration and it will see lots of stars showing up to help raise money for charity.

The list of stars attending the event is long and includes Patricia Arquette, Amy Brenneman, Ed Harris, Ashley Judd, Josh Lucas, Amy Madigan, Brad Silberling, Kate Walsh, Angela Bassett, John Cusack, Brendan Fraser, David Alan Grier, Herbie Hancock, Hill Harper, Clifton Powell and Lisa Marie Presley. The event will also feature live performances by Il Divo and Peter Cincotti.

The charity ball will donate a portion of the proceeds to the Eracism Foundation, which was founded by Academy Award Winner Lou Gossett Jr. in 2006. According to the website, the foundation strives to "eradicate the systematic impacts of all forms of racism by providing programs that foster cultural diversity, historical enrichment, education, and antiviolence initiatives."

The events will see guests surrounded by lush purple velvet, crystals and "only the best champagne will be served," along with a champagne dinner. Needless to say, tickets for the event aren't cheap and can be bought for $5,000 through the Inaugural Purple Ball website.