Forrest Preston Net worth 2022 | Biography, Income, Career, Cars

Net Worth(2022)$1.2 Billion
Birth DayMarch 22, 1933
Age88 Years
State/Country of OriginCleveland, Tennessee, US
CareerWalla Walla College Oregon State University
Source of wealthBusinessman, Entrepreneur
Marital StatusMarried: Kathleen Marchant
Linkhttps://en.wikipedia.org/wiki/Forrest_Preston

What is Forrest Preston Net worth?

Forrest Preston is ranked 1,468 in the Forbes list of billionaires worldwide and 463 in the US. He made his fortune by capitalizing on America’s aging population.

Authoritative sources report that Preston’s net worth is up to $1.2 billion, accumulated from his career in the aforementioned field spanning over six decades. His net worth includes a $145 million home in Cleveland.

Its privately held Life Care Centers of America generated an estimated $3 billion in 2015 revenue from nursing homes, assisted living facilities, and senior living communities in 28 states.

He founded the company in 1970 and is still its sole owner today. Preston lives in Cleveland, Tennessee, where Life Care is based.

Before founding the company, he sold vacuum cleaners, worked as an X-ray technician, and ran a printing shop with his brother. Forrest Preston is a member of Healthcare

Who is Forrest Preston?

Forrest Preston is an American businessman and entrepreneur who have a net worth of $2 billion. Forrest Preston is a self-made billionaire who made his money in the healthcare industry.

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He is the sole shareholder and CEO of Life Care Centers of America, one of America’s largest healthcare management companies and the most profitable medical utility company in the United States.

The Company owns and operates qualified nursing homes, senior living communities, and assisted living facilities.

In 1970, Preston opened the Garden Terrace Convalescent Center in Cleveland, Tennessee. In 1976 he founded the Life Care Centers of America Management Company.

The company’s estimated annual sales are approximately $3 billion. Preston is also involved in television conglomerate Luken Communications.

Preston sold 13 home health care facilities to LHC Group for $10 million in cash. In 2014, he was listed as the 364th richest person in the United States.

Forrest Preston Early life

Forrest Preston was born on March 22, 1933, in Cleveland, Tennessee, USA. He was raised 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 a graduate student.

He was educated at Walla Walla College and Oregon State University. His original intention was to be a doctor and he became a certified radiographer.

Forrest Preston Controversies

In October 2016, his company agreed to pay $145 million to settle a government lawsuit alleging that the company knowingly overbilled Medicare and another government healthcare program.

The lawsuit stemmed from whistleblower complaints filed in 2008 by two former Life Care employees. The company has denied any wrongdoing.

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Preston also has a stake in Luken Communications, the owner of seven broadcast networks that emerged from bankruptcy in October 2014.

Forrest Preston Achievements

Forrest Preston founded Life Care Centers of America in 1970 and has since made a fortune providing housing and care for the elderly.

The private company had 2018 sales of $3.2 billion in nursing homes, assisted living facilities and senior living communities in 28 states.

Based in Cleveland, Tennessee, Preston is the CEO and sole owner of the company. In 2016, the company agreed to pay $145 million to settle a government lawsuit alleging that the company overvalued federal health care programs.

In February 2020, an LCCA facility in Seattle became the epicenter of Washington’s Covid-19 outbreak as nursing homes across the country struggled.

Forrest Preston Yacht/Jets

He is the owner of the yacht Silver Lining. He is said to have two private jets registered with Life Care Centers of America. An Embraer with registration N250LC and another Embraer with registration N450LC. Both aircraft have a similar livery.

Forrest Preston Spouse

Forrest was married to Kathleen Marchant; the couple had three sons and a daughter, but after Kathleen suffered a stroke a few years ago, Forrest took time off from his job to look after her. She died in January 2017 at the age of 80.

He is now a widow and currently resides in Cleveland, Tennessee. After his father’s death, he decided to award a Benjamin M. Preston scholarship to Atlantic Union College, where his father studied.

Forrest Preston Net worth | FAQs

Is Preston a billionaire?

Forrest Lee Presto is an American billionaire businessman from Massachusetts. He is the founder, owner, chairman, and chief executive officer (CEO) of Life Care Centers of America

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Where does Forrest Preston live?

Cleveland, Tennessee

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Cleveland, Tennessee

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Conclusion

Forrest Preston is reputed to be one of the wealthiest individuals in the United States as his company Life Care Centers of America, as well as his other establishments, has raked in millions and billions of dollars to him over the years, making him a celebrity worth reading about.

References

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