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In her auction she described herself as attractive, fit and healthy and assured that she had never been in a sexual relationship.
The student added that the auction had been viewed by over than 30,000 people and that she had received more than 1200 offers.
Since 2007, Prostitution is legal in New Zealand in brothels and on the streets, as is offering sexual services in print ads and online.
The 19-year-old, who has not been named or pictured, said she came up with the idea of the auction to help pay for her university fees.
The girl, from Northland, in New Zealand's north island, is only known by her username Unigirl.
The auction was posted on auction site ineed.co.nz. After it had finished at NZ$46,000, she worte: "I have accepted an offer in excess of $NZ45,000, which is way beyond what I dreamed."
She wrote: "Thank you to the more than 30,000 people who viewed my ad and to the more than 1200 offers made."
"I have never had a sexual relationship and am still a virgin.
"I am offering my virginity by tender to the highest bidder as long as all personal safety aspects are observed.
"This is my decision made with full awareness of the circumstances and possible consequences."
She added: "I am fit, healthy and have no medical conditions of any nature.
"I am a keen athlete and have a trim physique."
The girl has not responded to any media requests for interviews.
Ross MacKenzie, the website proprietor, confirmed it was a legitimate posting.
He also defended the auction saying it was legal and did not offend society in general.
Mr MacKenzie said: "Ineed does not place moral judgments on our members, believing in the fundamental rights of the individual."
National police spokesman Jon Neilson said no law appeared to have been breached.
But "we would suggest it's not a safe practice," he added.
Bruce Pilbrow of the organisation Parents Inc. told the New Zealand Herald it was "horrifically sad" the woman had to sell herself to meet tuition costs, but sexologist Blair Bishop describing it as "just a novel form of sex work".
Catherine Healy, of the New Zealand Prostitutes Collective, urged the teenager to contact her organisation for "practical information" on the realities of sex work.
In 2009, an American student auctioned her virginity to pay for a masters degree in Family and Marriage therapy.
Natalie Dylan, 22, claimed her offer of a one-night stand had persuaded 10,000 men to bid for sex with her.
Also last year Showgirl and Italian men's magazine model Raffella Fico, 20, who swore she has never had sex disclosed her plan to sell her virginity for one million euros.
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