The 400 square metre residence is in the Diemersfontein Wine and Country Estate in Wellington and was designed by South African architect Christof Albertyn.
It has a sauna, heated pool, air conditioning and is fully furnished.
The owners, Peter de Pagter and his wife Arlette Boeckx, stand to make R14.9m if they sell all the 9 999 lotto tickets available with each costing €99 (about R1 400).
The Dutch couple have been living in South Africa for 10 years but want to return to Europe for personal reasons.
"South Africa is a beautiful country and especially the Western Cape is very attractive to live: pleasant climate, varied landscape, the friendliness of the people and especially the pace of life, made us decide to live here," they say on their website, which outlines the details of the lottery.
The draw has been scheduled for May 31 but could take place sooner if all the tickets are sold quickly.
Anyone wanting to take a chance can buy up to 10 tickets according to the registration form on the website.
The winners of the villa will also win two return tickets to Cape Town from a major European airport and one week stay at a lodge in Stellenbosch or cottage in Paarl.
€1 from each ticket sold will be donated to the Maitland Cottage Home for children with orthopaedic disabilities.
A Google search showed that the couple also promoted an internet lottery in 2009. At the time they wanted to sell 5 050 lottery tickets at a cost of €99 (R990 at the time) each for a new villa built on Diemersfontein estate.