Unable to open a mosaic dataset in previous versions of ArcMap

Description

When attempting to open a mosaic dataset created or edited in a later version of ArcMap in a previous version of ArcMap, the following error is returned:

Error:   
Open Failed: Error opening mosaic dataset

Error:   
Warning: Could not add the specified data object to the map.

Cause

Mosaic datasets are not backward compatible because of the expanded functionality of the mosaic datasets available with every version of ArcMap. For example, a mosaic dataset created in ArcMap 10.5 has more flexibility for data storage than the mosaic dataset created in ArcMap 10.4 or 10.3. A mosaic dataset created in a later version of ArcMap can hold more raster formats and has a different table space compared to a mosaic dataset created in the previous versions of ArcMap, even if the mosaic dataset is referencing to the exact same rasters.

Solution or Workaround