Spanx billionaire bought Olivia Newton-John's electrifying 'Grease' finale pants for $162,000

Jeff Conaway, Olivia Newton-John, John Travolta and Stockard Channing in a still from 'Grease'
Fotos International | Moviepix | Getty Images

The iconic tight black pants Olivia Newton-John wore as "cool" Sandy in the finale of the 1978 movie "Grease" sold for over $162,000 to Spanx billionaire Sara Blakely. Blakely had a friend bidding for her during the recent Julien's Auction sale, she told "CBS This Morning" Tuesday.

"I have been the biggest fan of Olivia since I was a little girl, since 'Grease' came out," Blakely told "CBS This Morning," adding that Newton-John also sang at her wedding. "My friends called me two days before the auction and I didn't know it was happening. And I thought 'Oh my god, I've got to try to get these.'"

The pants, which Newton-John wore during her "You're the One that I Want" duet with co-star John Travolta, were so tight that she had to be sewn into them, she told Reuters Television.

The leather jacket Newton-John wore with the famous tight pants sold for $243,200 to an anonymous bidder.

Newton-John, now 71, says she kept the outfit and other memorabilia from her movies in her "closets, drawers and in the garage," and it took her months to go through everything.

"I wanted to hold on to things I love, but then I realized I am never going to wear them again," Newton-John tells CNBC Make It.

After seeing an auction Julien's held for some of Bette Midler's performance costumes, Newton-John thought "I could do that! I need to simplify my life — I've just read Marie Kondo!" she says.

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

Julien's Auctions

Julien's Auctions

Spanx founder Blakely purchased Newton-John's "Pink Ladies" jacket for $50,000, according to CBS News. The film's cast and crew gave Newton-John the jacket as a gift.

Julien's Auctions

Newton-John is also auctioned off items from her other popular movies, like Western boots and harem pants from 1980 film "Xanadu."

Julien's Auctions

Julien's Auctions

As for memorabilia from Newton-John's career as a pop star, she auctioned off, among other things, "this little dress I wore in my Physical Tour — this little black, sparkly dress that I really love," she said. Newton-John's Physical Tour was in 1982.

Julien's Auctions

Many of Newton-John's friends, including John Travolta, Marie Osmond, Keith Urban and Rebel Wilson, donated items to be included in the auction. John Farrar's original written lyrics for the song "Hopelessly Devoted to You" from "Grease" were also auctioned. 

Earlier this year, Newton-John was diagnosed with breast cancer for a third time, after first being diagnosed in 1992.

"I kept thinking that it would be a wonderful idea to auction off my ["Grease"] jacket and pants to raise money for my center," Newton-John told CNBC Make It. "Somebody had mentioned that they'd raise a lot of money. I thought, 'well, I have them for goodness sake, that would be a great idea.'"

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This record-setting ring sold for $28.5 million at auction
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This story has been updated to reflect the results of the auction.