"Create or Replace view" execution fails with "ORA-01720: grant option does not exist"

Developer complains that he can't run CREATE OR REPLACE VIEW for a particular view. He is getting error "ORA-01720: Grant Option Does Not Exist"
I searched online and didn’t find solution that fix my issue. Everyone was getting this error with a GRANT statement. I turned to My Oracle Support and found excellent note which saved my time.

Cause: view has incorrect grants.

Solution:
Remove all grants on the view or Drop and recreate the view

Reference: Post Upgrade To 11.2.0.4, "create or replace view" execution fails with "ORA-01720: Grant Option Does Not Exist" (Doc ID 1628033.1)