VIDEO: Spanx Founder Revealed as Buyer of Olivia Newton-John's Black Satin Pants from GREASE

Spanx founder Sara Blakely was revealed on "CBS This Morning" as the buyer of Olivia Newton-John's famed black satin pants from "Grease." The pants, which sold for more than $162,000 at Julien's Auctions in California, will go on display at the Spanx headquarters in Atlanta, Blakely said.

Watch the segment below!

"I have been the biggest fan of Olivia since I was a little girl, since 'Grease' came out, and my friend called me two days before the auction. I didn't know it was happening ... and I thought, 'Oh my God. I've got to try to get these,'" Blakely said on "CBS This Morning."

The skin-tight black pants became an instant icon when Newton-John wore them during the song, "You're THE ONE That I Want."

"I'm going to frame them and hang them at Spanx because we have black faux leather leggings ... they have become a cult following and they're inspired off of Olivia's pants so you know she's the 'OG' of black leggings. I had to own them as the Spanx founder," Blakely said.

Newton-John, who sang at Blakely's wedding, said she was "delighted" to hear she had bought the pants. "I couldn't think of anybody better to have them because they're the original Spanx," she said.

Blakely also bought a custom "Pink Ladies" jacket presented to Newton-John by the movie's cast and crew. Some of the auction's proceeds will go to the Olivia Newton-John Cancer Wellness & Research Centre in Australia.

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