Virtual Box on Mac OS X: Failed to load VMMR0.r0 (VERR_SUPLIB_OWNER_NOT_ROOT)

Error: Failed to load VMMR0.r0 (VERR_SUPLIB_OWNER_NOT_ROOT) Cause: The permissions on /Applications folder is not correct. It should be owned by root. Fix: Go to Disk Utility and select your disk. Then select Repair Disk Permissions. If you have a SSD then it will take roughly 5 mins.