Documentary maker John Sissey was forced to leave Australia after authorities threatened to prosecute him over the programme. He has since moved his depraved project to Nevada, US — home to "sin city" Las Vegas.
There he hopes to get buyers facing off in a live auction at a brothel, with the candidates watching on.
Sisely has spent more than a year recruiting male and female virgins willing to sell themselves on camera.
Speaking for the first time since selecting his subjects, Sisely said he will pay each virgin $20,000 (Rs 8.9 lakh) and they will also receive 90 per cent of their sale price.
The remaining 10 per cent will go to the Nevada brothel where the auction will be held.
Bids will be placed online before the final auction.
The Melbourne-based filmmaker held "auditions" in Sydney last year, with posters proclaiming Virgins Wanted over an image of the Virgin Mary.
He said, "The hardest part is telling the parents. They hate me."
A 21-year-old waitress, who uses the pseudonym Veronica, said her parents were furious when she revealed her plan to sell herself.
She said she signed up to the controversial project to earn money and change perceptions about sex.
She added, "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."
One of the male virgins, known as Alex (20), said he had applied as a way of meeting someone.
Another candidate, known as Ronan, said he was sick of waiting for the right girl and would consider any offers.
A third candidate, calling himself John, said he was willing to have sex with a male or female bider. He added, "Money is a good incentive but I’m really more excited about the journey I’m about to go on."
The project has infuriated family advocates, with Australia’s family first senator Steve Fielding branding it "absurd, ridiculous and disgusting".
Rs 8.9 lakh, the amount John Sissey will pay each virgin participating in the reality show, along with 90 per cent of their sale price