Cloak of displacement, major
(Dungeon Master's Guide v.3.5, page 253)
Price (Item Level): 50,000 gp (18th)
Body Slot: Shoulders
Caster Level: 7th
Aura: Moderate; (DC 18) illusion
Activation: Standard (command)
Weight: 1 lb.
This appears to be a normal cloak.
This item appears to be a normal cloak, but on command its magical properties distort and warp light waves. This displacement works just like the displacement spell and lasts for a total of 15 rounds per day, which the wearer can divide up as she sees fit.
Prerequisites: Craft Wondrous Item, Extend Spell, displacement.
Cost to Create: 25,000 gp, 2000 XP, 50 days.