Since your system does not boot up with the processor installed, it seems to be a defective processor, in order to confirm this theory, I would suggest testing this processor on another known working and compatible motherboard to see if it causes the same behavior.
Yes I since have tested the CPU with entirely another motherboard, memory and power supply etc.. and the exact same behavior power issue occurs which I already explained. I contacted Intel warranty department and they have set up an RMA so I can return the defective CPU and they are to ship me another = equivalent same working CPU..
Also I would mention I previously had RMA my motherboard back to ASUS twice when I believed it was my motherboard failing before I considered my CPU was actually the real problem. ASUS tested my motherboard and returned it to me of course said it worked fine and they were actually right. I was stubborn and thought they actually never fixed my motherboard..Just letting ya all know CPUs can go bad and make you think it is your motherboard gone bad... What a learning experience this was for me.
This case has now been resolved and hope this experience may help another..