Olivia Newton-John's iconic black leather pants from 'Grease' sell for $162K to Spanx founder

You better shape up!

Olivia Newton-John's iconic leather pants from the 'You're the One That I Want' scene in 1978's 'Grease' sold for a staggering $162,000 on November 2 at Julien Auctions in California. 

But the buyer wasn't just any ordinary 'Grease' superfan or collector -- it was founder of powerhouse women's intimate apparel company Spanx, Sara Blakely.

"I have been the biggest fan Olivia [Newton-John] since I was a little girl, since 'Grease' came out," Blakely told CBS This Morning. "My friend called me two ays before the auction — I didn’t know it was happening — and she said ‘Sara, they’re putting the pants up and the outfit for charity ... and I thought ‘Oh my God, I’ve got to try to get these.’"

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Blakely is a huge fan of Newton-John's, who performed at Blakey's 2008 wedding to husband Jesse Itzler with a rendition of the 'Grease' hit 'Hopelessly Devoted'. 

Blakely paid above the estimated value of the pants when they were originally put on auction and was in New York at the time of the California auction -- but that didn't stop her!

"I had no game plan … I had a friend bidding for me, she was on speaker phone while [my husband and I] were at dinner."

Blakely shared that the Spanx's cult-favorite faux leather leggings are "inspired off of Olivia’s pants" and have served as the reason for where Blakely plans to display her new purchase:

"I’m going to frame and hang them at Spanx [Headquarters in Atlanta, Georgia] ... [Olivia is] the O.G. of black leggings, I had to own them as the Spanx founder ... I've been dancing to her since I was seven years old!"

It seems as though the feeling of adoration is mutual, as Newton-John surprised Blakely with a heartwarming video message Wednesday on CBS This Morning:

"I’m so delighted, Sara, that you have my pants and jacket. I couldn’t think of anybody better to have them because they’re the original Spanx … I’m eternally grateful!’

A portion of the proceeds will go to the Olivia Newton-John Cancer Wellness & Research Centre in Melbourne, Australia.