Kendo color picker in kendo grid editor template throws error when gird column data contains named color

Question

The Kendo Color Picker in Kendo Grid Editor Template throws parsing error when gird column data contains named color. It works perfectly fine when the column has hexadecimal value.

Following is the code for the column for which the editor template is invoked

@(Html.Kendo().Grid<SomeViewModel>()
              .Name("grdSomeDataGrid")
              .Columns(c => {
                              ...
                              c.Bound(n => n.ColorValue)
                               .ClientTemplate("<span style='display: inline-block; width: 100%; height: 100%; background-color: #= ImageColor #'>&nbsp;</span>")
                              ...
                            })

Following is my editor template code

@using Kendo.Mvc.UI

@(Html.Kendo().ColorPicker()
              .Name("ColorValue"))