Immediately upon the delivery to the sheriff of the property described in the petition as provided in Section 89-17-9, the sheriff shall at once advertise the property for sale in the same manner as provided by law for the advertisement and sale of personal property under execution, and on the day fixed shall sell the property for cash to the highest bidder, and shall hold the proceeds to abide the result of the suit or proceeding. But the defendant to the petition, or any person interposing a claim thereto, in cases against unknown owners, can at any time before the day of sale, execute a bond with two (2) or more sureties in double the value of the property, such valuation to be fixed by the sheriff conditioned to satisfy such judgment as the petitioner shall recover in the case, and upon the execution of such bond, to be approved by the sheriff, the property shall be delivered to the defendant or claimant.