Cleveland, TN

Cleveland, TN this is your Billionaire

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Forrest Lee Preston (born March 22, 1933) is a Massachusetts-based billionaire businessman. He founded Life Care Centers of America, a long-term elderly care organization, in 1970 and is the founder, director, chairman, and chief executive officer (CEO). He is one of the few super-rich that now calls Cleveland, TE his hometown.

Key Facts

Life Care Centers of America was founded by Forrest Preston in 1970, and he has made a fortune with facilities that house and care for the elderly.

Nursing homes, assisted living centers, and retirement living services in 28 states brought in $3.2 billion in revenue in 2018.

Preston is the company's CEO and sole owner, and it is headquartered in Cleveland, Tennessee.

In 2016, the corporation decided to pay $145 million to settle a government case involving overbilling of public healthcare services.

As nursing homes around the nation suffered, an LCCA hospital in Seattle became the epicenter of Washington's Covid-19 epidemic in February 2020.

Early years

Forrest Lee Preston was born and raised in Massachusetts, the son of Benjamin M. Preston, a Seventh-day Adventist minister, and his wife Ethel Preston. Preston established the Benjamin M. Preston scholarship at Atlantic Union College, where his father was an alumnus, after his father died in 1994. He attended Walla Walla College and Oregon State University for his education. His initial goal was to become a medical practitioner, so he trained as an X-Ray technician.

Profession

Preston arrived in Cleveland, Tennessee, in the late 1950s, a few years after his brother Winton Russell Preston, who had gone to nearby Collegedale to study at Southern Missionary College. He co-founded Hospital Publications with his brother Winton to produce patient booklets and public relations materials for hospitals, and the business lasted until 1972. His inspiration came from his experience in hospitals, where he realized that the healthcare system needed improved public relations. He noticed the conditions of elderly patients in hospitals from this company and concluded that better long-term treatment was needed. Preston is the sole owner, chairman, and CEO of Life Care Centers of America, which he established in Cleveland in 1970. It went on to become the third-largest privately held long-term care facility in the United States and the largest privately-owned long-term care facility chain in the world. He was reported to have a net worth of $2.1 billion as of September 2015.

Private life

Kathleen Marchant (1936-2017), Preston's wife, died in 2017. He now resides in Cleveland. His home is next to the home of Allan Jones, a fellow businessman. He is a devout Baptist who worships at Cleveland's First Baptist Church.

What other super-rich people do you know that live in Cleveland?

Source:

https://www.forbes.com/profile/forrest-preston/?list=billionaires&sh=62cff05a324e

https://en.wikipedia.org/wiki/Forrest_Preston

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