Forrest Preston’s profile picture

Forrest Preston

Forrest Preston’s profile picture
Net worth 2018: $1.43 Billion
Industry: Healthcare
Residence: Cleveland, Tennessee
Country: United States
BirthDay: 22 March 1933
Sigh: Aries
Education: Walla Walla College; Oregon State University
BIOGRAPHY

Forrest Preston was bornon 22 March 1933 in Cleveland, Tennessee, United States. Forrest Preston is #1583 in List Billionaires People In The World. 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.

NET WORTH STATISTIC
2014

$2 Billion

2015

$2.1 Billion

2016

$1.7 Billion

2017

$1.4 Billion

2018

$1.43 Billion

TIMELINE
1994

His father died in 1994, and Preston endowed the Benjamin M

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

1970

In 1970, Preston founded Life Care Centers of America in Cleveland, and is the sole owner, chairman and CEO

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

1936

Preston was married to Kathleen Marchant (1936-2017) until her death

1933

Forrest Lee Preston (born March 22, 1933) is an American billionaire businessman from Massachusetts

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