Mahbuba Mammadzada, 23, from Azerbaijan, hit headlines last year for announcing her controversial money-making scheme, and claimed this week the auction had finally come to a close.
According to online agency Cinderella Escorts, the winning bidder is an unnamed 'politician from Tokyo', with a London lawyer and a Munich football player coming in at second and third place respectively.
The winning bidder will be able to have a doctor check Miss Mammadzada to make sure she is still a virgin before sleeping with her at a hotel in Germany.
It is understood that Cinderella Escorts will take up to 20 percent of the money as their part of the deal.
Mahbuba, who is based in Turkey, sparked a fierce debate last summer when she publicly announced plans to sell her virginity, saying she wanted to make her mother 'proud'.
The 23-year-old said: 'My mum did everything for me, now it is my turn. I want her to be proud of me.'
Mahbuba is one of Azerbaijan's most successful models, but said she needed the cash to pay for a house for her mum and finance her studies abroad.
She chose to auction off her virginity through the notorious Cinderella Escorts agency where young women sell s-x to wealthy, often older, clients.
Miss Mammadzada, who registered with the agency under the pseudonym Maria, even recorded a video in which she explained her plans.
She said that she hoped to sell her virginity for at least €100,000 (£90,000) to buy a house for her mum, fund her university degree abroad, and travel the world. The final sum was more than 20 times the amount.
Miss Mammadzada says she even has a certified medical note confirming her virginity.
The model, currently based in Turkey, said she hopes to work with the Brave Model agency, based in the Italian city of Milan, but says she still wants to help her family back at home.
Last year, she walked down the same catwalk as Paris Hilton in a Turkish fashion show, called the Land of the Legends.
She has more than 32,000 followers on Instagram and her bio reads: 'I don't care about anything but me. I'm always doing things I can't do. Yes, I'm a model, no I eat a lot. All the time.'