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Atlanta-based Spanx founder buys Olivia Newton-John's 'Grease' pants

Sara Blakely, the founder of Spanx, said the pants will be framed and featured at Spanx's headquarters.

The founder of Spanx was revealed to be the successful bidder for the skintight satin pants that Olivia Newton-John wore in the movie "Grease."

Sara Blakely told "CBS This Morning" Tuesday she plans to frame the pants and hang them at Spanx's headquarters in Atlanta because they inspired the company's black faux-leather leggings.

Blakely bid $162,500 for the pants, which Newton-John had to be sewn into for the 1978 film.

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Blakely says she is huge fan of Newton-John, who sang at Blakely's wedding.

Newton-John says she's excited Blakley purchased them.

Julien's Auctions says the leather jacket that Newton-John's character, Sandy, wore fetched $243,200, bringing the total for the outfit to $405,700.

The proceeds from the jacket and pants, as well as a portion of the other items sold, will go the Olivia Newton-John Cancer Wellness & Research Centre in Australia.

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