Six-bedroom Orleton House near Ludlow will be given to the winner of the Grand Draw competition - so long as enough tickets are purchased.
Bundles of tickets start at 10 for £5, with each purchase also guaranteeing entry into a monthly £2,500 cash prize draw.
The closing date for the competition is April 30 and so long as £1.7m worth of entries have been bought by then, the winner will become the new owner of Orleton House and two charities will split £100,000.
The charities benefitting from the cash are Beacon Centre for the Blind, in Sedgley, and Birmingham Children's Hospital. They will also be given 50 per cent of any proceeds above the £1.7m target.
If sales fail to hit £1.7m, a cash prize will be offered, the charities will be given a guaranteed £50,000 between them and the homeowner will also be given £50,000.
The cash prize will be made up of whatever remains of the ticket money once the guaranteed payments and promotional fees are accounted for.
According to the terms and conditions, the promoters of the raffle will also make £100,000 from the competition if the target is hit. They are aiming for 170,000 bundles to be purchased at an average of £10 each.
The most expensive package costs £150 and includes 600 tickets at 25p each, while the £5 package includes 10 tickets at 50p each.
The Grand Draw company has been set up by homeowner Tim Page and Suresh Bawa, Black Country businessman and founder of Wolverhampton-based charity Promise Dreams.
Promise Dreams had initially been planned as the charity beneficiary but will no longer get any money from the raffle.
Mr Bawa said: "Whilst we were keen to have Promise Dreams as a beneficiary of the Grand Draw, the final decision was made by the homeowner to go with Beacon Vision and BCH, two great local causes. We wish the charities great success in fundraising and look forward to potentially working with the Grand Draw on future draws.
"For any Promise Dream supporters that have purchased entries, rest assured you are still in with a chance of winning a £1 million house and know that you are still supporting two great charities. If you would like any clarity on the matter or are concerned in any way please contact the promoters direct at firstname.lastname@example.org."
Timber-framed Orleton House has been renovated since it was bought two years ago for around £750,000 and has recently been independently valued at £1.1m.
The grade II listed property was built in the 16th century and comes with a large barn, tennis court and an acre of gardens.
A 3D tour of the house is available on the Grand Draw website.
Lisa Cowley, CEO at Beacon Centre for the Blind: "We support over 3,000 people affected by sight loss in our region, and that number continues to grow, as does the need for our services. Our members are feeling lonely, unable to come to our centre which has had to close during the pandemic and losing more confidence to go out every day that passes.
"The Covid-19 pandemic has had a huge impact on our charity emotionally and financially, with losses of almost £700,000. We are working really hard to keep going for our members and are so grateful for the generosity of our local community. We are really happy to be part of Grand Draw which will not only help raise much needed funds for Beacon, but also offer someone the chance to win an absolutely amazing £1m house.
"By taking part, you could help us provide support for a person with sight loss to receive well being calls, access online services to help reduce isolation, receive essential advice and much more. Thank you so much – your generosity really means the world to us."
Miranda Williams, head of public fundraising for Birmingham Children’s Hospital Charity, added: “We’re delighted to partner with the Grand Draw and raise vital funds to support our work at Birmingham Children’s Hospital.
“It’s been a tough year for us as the pandemic has limited our ability to fundraise in many ways, so the funds raised from this incredible draw will help us to continue ensuring we can do more for the staff, patients and their families at our hospital.”