When you set a specific value to the RadTimePicker e.g.  new DateTime(2014, 5, 20, 8, 15, 30) and try to change the time via mouse wheel or up/down arrows, the date part is reset to DateTime.Now.

Resolution: 
This broke RadTimePicker functionality because many users have serialized in designer.cs/vb files MinValue and MaxValues and now they date part is take  under consideration - this can complete broke its application. Users should keep the date part in separate variable not in TimePicker Value property