Justin Sisley has convinced several people to participate -- mostly women -- in the show that will be shot in Nevada after Australian officials complained.
Authorities in Australia said they would charge Sisley with prostitution if the filming went ahead there. Nevada does not prohibit prostitution.
The virgins will be paid $20,000 each to take part in the controversial auction and will also receive 90 percent of their "sale price" that bidders pay. The remainder of the money goes to the Nevada brothel hosting the event.
Bids will be placed online and then the final bidding process will take place live in Nevada.
"Technically I'm selling my virginity for money, technically that would be classified as prostitution, but it's not going to be a regular thing, so in my head I can justify that I'm not going to be a prostitute," a 21-year-old virgin from Sydney told the London Telegraph newspaper. "I don't think I'll regret it."
Sisley admitted his plan was not popular with the parents of those involved, saying, "They hate me."
The idea is also not popular with pro-life advocates.
Matthew Archibold, writing in the National Catholic Register, responded: "So this is what we've come to in America?"
"You can't really pretend you're shocked can you? You can be saddened, disgusted or even dismayed but definitely not surprised. Not anymore," Archibold wrote. "This is America. Home of 'my body, my choice.' If we allow the killing of a human being because a woman can do with her body what she wants then how can we argue that a person can't use their body to have sex for money if its their choice?"
"We are simply seeing the commodization of humanity where people view each other not as people needing, wanting or deserving love but as beings to be used or gotten over. The virgin sees dollar signs instead of a human being. The buyers sees in the virgin bodily pleasure. This is not human interaction but the co-existence of two self loves bumping into each other one night for their own self gratification," Archibold continues
"When we can see in each other only what can be gained for ourselves, we're looking at the closing of the American heart," he concluded.