Forrest Preston
Cleveland, Tennessee
Walla Walla College | Oregon State University
United States
8
health care, Self Made
$1,600,000,000
1511
#1511 Billionaires 2019
#327 Forbes 400 2015
Forrest Preston founded Life Care Centers of America in 1970 and has since made a fortune with facilities that house and care for the elderly.The private firm raked in $3.1 billion in sales in 2016 from nursing homes, assisted living facilities and retirement living communities in 28 states.Preston is the CEO and sole owner of the company, which is based in Cleveland, Tennessee.In 2016, the company agreed to pay $145 million to settle a government lawsuit alleging that the firm had over-billed federal healthcare programs.
Before founding the company, Preston sold vacuum cleaners, worked as an X-ray technician and ran a printing business with his brother.His first facility, formerly called Garden Terrace Convalescent Center, is still open today in Cleveland, Tennessee.
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