Forrest Preston

About Forrest Preston

Birth Day: March 22, 1933
Birth Place: Cleveland, Tennessee, United States
Birth Sign: Aries
Residence: Cleveland, Tennessee, US
Alma mater: Walla Walla College Oregon State University
Spouse(s): Kathleen Marchant

Forrest Preston Net Worth

Forrest Preston was bornon March 22, 1933 in Cleveland, Tennessee, United States. Forrest Preston made a fortune capitalizing on America's aging population. His privately held Life Care Centers of America brought in an estimated $3 billion in 2015 revenue from nursing homes, assisted living facilities and retirement living communities in 28 states. He founded the business in 1970 and remains its sole owner. In October 2016, the company agreed to pay $145 million to settle a government lawsuit alleging that the firm had knowingly over-billed Medicare and another federal healthcare program. The litigation stemmed from whisteblower complaints filed by two former Life Care employees in 2008. The has company denied any wrongdoing. Preston also has a stake in Luken Communications, owner of seven broadcast networks, which exited bankruptcy in October 2014. Preston lives in Cleveland, Tenn., where Life Care is based. Before founding the company, he sold vacuum cleaners, worked as an X-ray technician and ran a printing business with his brother.
Forrest Preston is a member of Healthcare

💰 Net worth: $1.59 Billion (Updated at 22 June 2018)

2014 $2 Billion
2015 $2.1 Billion
2016 $1.7 Billion
2017 $1.4 Billion
2018 $1.43 Billion

Some Forrest Preston images

Biography/Timeline

1936

Preston was married to Kathleen Marchant (1936-2017) until her death. He lives in Cleveland. His residence is located in the Anatole subdivision off of U.S. 11 near the residence of fellow businessman Allan Jones. He is of the Baptist faith, and attends First Baptist Church in Cleveland.

1950

Preston moved to Cleveland, Tennessee in the late 1950s a few years after his brother Winton Russell Preston, who had come to study at Southern Missionary College, now Southern Adventist University in nearby Collegedale.

1970

In 1970, Preston founded Life Care Centers of America in Cleveland, and is the sole owner, chairman and CEO. It later grew to be the largest privately owned long term care facility chain and the third largest privately owned long-term care facility in the United States.

1972

Together with his brother Winton, he co-founded a company called Hospital Publications to create patient booklets and public relations materials for hospitals, and the company operated until 1972. The idea had come from his work in hospitals, where he concluded that there was a need for better public relations in the Health care system. Through this Business, he observed the conditions of elderly patients in hospitals, and concluded that there was a need for better long term care.

1994

Forrest Lee Preston was born and grew up in Massachusetts, the son of a Seventh-day Adventist pastor Father, Benjamin M. Preston and his wife Ethel Preston. His Father died in 1994, and Preston endowed the Benjamin M. Preston scholarship at Atlantic Union College, of which his Father was an alumnus.

2015

As of September 2015, he had a net worth of US$2.1 billion.