Koti tirtha is a holy man-made tank that is considered an important spiritual stopover. The name 'koti tirtha' means a thousand springs. It is common practice to take a dip in this pond before visiting the many holy temples and shrines in the area. Many priests and monks conduct rituals and prayers at the sides of the holy tank, which is spread over an area of six acre. It is surrounded on three sides by colourful temples and monasteries. There is a shivling placed at the heart of the pond that is illuminated by light. The calm waters reflecting the temples as well the coconut trees around create a soothing ambience of reflective spirituality.

Legend has it that the mythological bird Garuda, once picked up Shatashrunga mountain (abode of Lord Brahma) and flew away with it. When Lord Brahma noticed it, he was livid and immediately ordered Garuda to place it down on earth. Garuda placed it partially on earth and partially in the ocean. While doing so, half of the teerthas on it (one crore) got immersed in water and the remaining one crore were placed on the earth, in Gokarna.