Telerik's WPF RadColorPicker NoColorText property not working

Question

I was trying to use NoColorText property of the telerik's WPF RadColorPicker control. I was expecting it to show the mentioned text in this property if the Color not set or it is null.

Following is the XAML code

<telerik:RadColorPicker x:Name="MyColorPicker" NoColorText="Text for No color" SelectedColor="{Binding Path=MyColor}" Width="200" />

Am I missing something or this property is not meant for this purpose.