This statue is farther south from the Virupaksha Temple area.  He's in a tank with water in it and a walled enclosure.

There's an interesting research story here.   When this Narasimha statue was first excavated, he was called Ugra Narasimha - which is the man-lion god in his fierce iconography.  But when he was examined further, it was seen that there was an arm attached to him, suggesting that Lakshmi was sitting on his knee.  With no arms, and no Lakshmi, it was pretty hard to tell.that she was there.

So it's interesting to see the various guide books and signs.  Things don't change so quickly, so some of the signage at least a few of the guidebooks sold today still confidently tell you that he's fierce. 

An interesting case of the idea that the first idea sticks around much longer than you might wish.

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Now, over 10 years since I wrote the above, I found even more about this.  According to this article, experts have figured out where Lakshmi actually is - she's at the Archaeological Museum at Kamalapura.  That's the museum at Hampi, so I may even have seen her and gotten a photo.  Given her small size, I doubt she is the most impressive part of this statue.

Also - this article gives a good summary of the construction of the statue (1528AD) as well as it's vandalism.