Catarina Migliorini, a 20-year-old physical exercise student, had volunteered to sell her virginity as part of a documentary by Justin Sisely.
Last night the auction was reportedly finalised with a Japanese man, identified only by the name Natsu, agreeing to pay $780,000.
Mr Sisely told ninemsn that Ms Migliorini is ecstatic about the sale and had not expected this amount of interest.
“The auction closed at 10pm last night and Catarina is extremely excited. She was speaking to her family in Brazil online, and they were extremely happy for her,” he said.
“But I guess they didn’t expect her to do something like this.”
The winner, Natsu, fended off strong competition from American bidders Jack Miller and Jack Right as well as an Indian national, Rudra Chatterjee.
Mr Sisely said the act would be consummated in the following weeks.
“We will fly over the winner to Australia and obviously, for the sake of the film and privacy, we can’t disclose where and when the act will take place,” he said.
“I have to leave some details for the documentary.”
Ms Migliorini has come under fire after news of the auction made headlines, with many likening the sale to prostitution.
“If you do it once in your life than you are not a prostitute, just like if you take one amazing photograph it does not automatically make you a photographer,” she said.
“The auction is just business, I’m a romantic girl at heart and believe in love.”
Some media reports have said Ms Migliorini would donate the money to charity, but Mr Sisley said that was not his understanding.
“Catarina said she’ll be helping out her family and friends in Brazil but it is all media speculation,” he said.
“When we were talking last night about it, I told her it’s about setting up her life. Sure she’ll donate some money but it’s a lie she’ll donate the majority of her earnings.”
Migliorini signed up two years ago to be part of Mr Sisely’s documentary when she saw an advertisement by Thomas Williams Productions called ‘Virgin’s Wanted’.
“I came up with the idea because I was sick of what other directors were producing and trying to emulate Hollywood,” said Mr Sisely.
Under the terms of the auction, a condom is compulsory for the act and Natsu will be tested for any sexually transmitted diseases prior to the encounter.
“We’ll be wrapping up the filming around mid-November,” said Mr Sisely.
“I’m looking forward to my audience’s response to the film.”
Ms Migliorini’s male counterpart, Alex Stepanov, a 21-year-old Sydney student, sold his virginity for $3,000 to a Brazilian woman.
Sources: The Huffington Post, Virgin's Wanted
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