How better to celebrate the season two launch of Stan Lee's pet project for the Sci-Fi Channel, Who Wants to Be a Superhero?, than at legendary lunatic Ivan Wilzig's Hamptons castle? If you don't know the retired investment banker freak, you might want to keep an eye out when the show premieres on Thursday—Sir Ivan, as he's known, will be competing to become the world's first Jewish superhero, Mr. Mitzvah. And trust us, he's got the silk cape, gold-lamè muscle suit, and ping-pong paddle with the star of David on it to prove he's serious.

If Sir Ivan's any indicator, the show promises to be something of an event. A legendary party-thrower, Ivan fashions himself a techno superstar. A colorful cast of celebs attended, including Micheal Musto, Jackie Martling, and American Idol contestant Sarah Mather, all no doubt hoping to stumble upon that rarest of Hamptons events: the rave/orgy gala.

The blowout made the grade—shimmying dominatrixes in full Xena: Warrior Princess regalia, rumors of orgies upstairs, gold-gilt gates, drunken bartenders, and heavy-set security—not exactly the stuff of comic book legend. Many guests arrived in costume, but for those who didn't, Ivan employed a gaggle of little people who stood handing out shiny blue or red capes. When those ran out, they handed out yarmulkes emblazoned with the host's name in gold letters.

Mr. Mitzvah and the other contestants stand to win their own Dark Horse comic book, TV movie, and action figure should they win the show. Sir Ivan is confident, claiming he created his character to honor his father, an Auschwitz survivor. What, you're asking, is his character's weakness? If you judged by his perm-a-tan, you'd think it would be skin cancer, but the dossier on the program's website lists it as pork. Fair enough.