Please excuse me for misleading you. I have sent you a project with Q2 2012 dlls. But you mention (and I can see from the snapshots) that you use Q1 2012. The ContentTemplate property does not exist Q1 2012.
It is available from the re-factored version of RadColorPicker introduced in Q2 2012.
Please excuse me for the inconvenience caused.
the Telerik team