A Californian student is auctioning off her virginity in order to fund her master's degree in family and marriage therapy.

The auction, conducted in association with Moonlite Bunny Ranch, a Nevada brothel, opened bidding in September 2008 at £162,000. The price set for the student's coveted maidenhead has now risen to £2.5 million. Allegedly, there are 10,000 bidders competing.

The 22 year old student, operating under the pseudonym Natalie Dylan, has stated that this is not a regular online auction and she is not simply looking for the highest offer: “It’s not like an eBay auction…I don’t have to take the highest bidder. I’m taking time to get to know the guys. We contact each other back and forth.”

Ms Dylan added: “I’m looking for intelligence and I’m looking for an overall nice person.”

Ms Dylan has a degree in women’s studies from Sacramento State University. She holds that her endeavour is a serious one and part of preliminary research for her master's degree, explaining on The Tyra Banks Show: “My sister and I are going to go into our master's and we’re doing premature research for our thesis project. We wanted to study the dichotomous nature between virginity and prostitution, and there have been so few case studies of it.”

Dylan was inspired by a Peruvian woman who in 2005 auctioned her virginity to pay for her mother’s medical treatment, although ultimately she rejected the $1.5 million bid.

Previous attempts at auctioning virginity to fund higher education include Carys Copestake in 2007, and Rosie Reid, a then 18-yea-old Bristol University student.

Moonlite Bunny Ranch owner, Dennis Hof, supports Ms Dylan’s venture. He explained that she had undergone a lie detector test in New York that conclusively proves she is a virgin. Rather more conclusively, though, she is also willing to undergo a physical examination.

US radio host Laura Ingraham suggests Dylan will not undergo her venture and that it is a publicity stunt. Dylan has reportedly just signed a book deal.