Rhythm and blues musician Ike Turner was arrested with two other men yesterday on a cocaine charge, police in Pasadena, Calif., said. The former husband and musical partner of singer Tina Turner was booked and was being held at the city jail in lieu of $50,000 bail . . .

Actress Barbara Stanwyck's home in the posh Trousdale Estates of Beverly Hills was damaged yesterday when a fire broke out in the house. Damage was estimated at $1.5 million . . .

Anthony Dowell, one of Britain's leading male dancers, is taking over as director of the Royal Ballet next year, the company announced yesterday. Dowell, 42, a 20-year veteran with the company, replaces Norman Morrice, who is resigning at the end of next season . . .

French President Francois Mitterrand unveiled a commemorative plaque Friday proclaiming Athens, Greece, the first "cultural capital of Europe." The 10-nation European Common Market selected Athens as the first "cultural capital of Europe," but other Western European cities will be named in successive years as cultural centers. During its reign, Athens will host a six-month festival of music, drama, art and science. Earlier this week, President Reagan advised Americans to avoid the Athens airport until authorities improve security there . . .

Valerie Lowrance, a 17-year-old Texan, was selected America's 1985 Junior Miss in Mobile, Ala., yesterday. Lowrance, of Seguin, received a $25,000 scholarship to the college of her choice . . .

Comedian Milton Berle was released from Cedars-Sinai Medical Center in Los Angeles Thursday, after recovering from a June 10 quadruple bypass heart operation . . .

The Washingtonian magazine won a National Press Club award for consumer journalism Thursday. John Pekkanen's March 1984 article titled "How to Save Your Life" won in the all-around category for magazines with a circulation of 500,000 and less. He received a $1,000 award . . .

Another journalism award goes to Helen Thomas, United Press International's White House bureau chief, who will receive the 1986 William Allen White Foundation Award for Journalistic Merit, University of Kansas officials announced. Thomas, the veteran White House reporter whose "Thank you, Mr. President" signals the close of presidential news conferences, will receive the citation Feb. 10, 1986, at the University of Kansas . . .

Michael Reagan, son of President Reagan and his former wife Jane Wyman, who's been saying he wants to be a movie star like his parents, has signed with a Canadian agent. He said he wants to do movies, television, talk shows, game shows and even commercials. But, he said, "Live plays don't excite me. They just don't . . . " -- Lisa Serene Gelb