Olivia Newton-John is auctioning off her 'Grease' outfits

Actress Olivia Newton-John, who played Sandy Olsson in the cult 1978 film "Grease" opposite John Travolta, has decided to auction off 500 outfits and other memorabilia spanning her entire career, to raise funds for her Olivia Newton-John Cancer Research Institute.

The iconic black outfit (complete with leather jacket and pants) worn by Sandy Olsson during the song "You're the One That I Want" will be one of the sale's flagship pieces. The black outfit marks the character's transformation from demure schoolgirl to to the sexy version of Sandy Olsson, with her red heels and omnipresent cigarette.

The action will take place this weekend at Julien's Auctions in Beverly Hills.

According to Julien's Auctions, the lot is estimated to go for 200,000 dollars.

Newton-John, now 71, told Reuters Television: "The pants have a broken zip and I had to be stitched into them because they were made in the 50s."

Besides the famous black outfit, over 500 objects and pieces of clothing will be part of the auction, such as the film's original script, the pink evening dress worn by Newton-John at the film's 1978 Los Angeles premiere, and a Pink Ladies jacket given to her by the crew.

The actress is currently battling breast cancer for the third time, having been first diagnosed in 1992. The Olivia Newton-John Cancer Research Institute is located in Melbourne, Australia, where England-born Newton-John was raised.