The home is located in Table Rock Lake in The Ozarks, just outside Branson, Missouri.
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The nonprofit, called Camp Barnabas, helps to make dreams come true for individuals with special needs and chronic illnesses.
"Seeing the faces, hearing the laughter, reading the stories of the kids they serve; there is truly nothing like it," Cole said in a statement. "Barnabas makes dreams come true, and we felt called to help them in a big way."
The home, which sits on approximately 105 acres of land, was on the market for $9.75 million. The home features 10 bedrooms, 13 bathrooms, six half-baths and four living areas.
Realtor.com said Cole and Heidi began building the mansion while the pitcher was still a member of the Philadelphia Phillies, before being traded to the Texas Rangers.
The Hamels Foundation said, over the past 24 years, Barnabas has provided life-changing experiences to more than 75,000 campers and missionaries.
Barnabas also includes Barnabas Prep, a two-year faith-based collegiate program.
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"Our mission is to change lives through disability ministry, and we've been strategically looking for ways to expand our ministry outside of a summer camp," Jason Brawner, CEO, said. "We have no doubt that this gift will allow us to do just that."