Colorpickerextender stops working when I set SelectedColor. Is this a bug or am I doing something wrong?

<asp:Label ID="Label1" Text="Color" runat="server" />
    <asp:TextBox ID="TextBox1" runat="server" />
    <ajaxToolkit:ColorPickerExtender runat="server"
        ID="ColorPickerExtender1"
        TargetControlID="TextBox1"
        SampleControlID="Label1"
        SelectedColor="000000"
        OnClientColorSelectionChanged="colorChanged" />

<script type="text/javascript">
    function colorChanged(sender) {
        sender.get_element().style.color = "#" + sender.get_selectedColor();
    }
</script>