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In the world today
Forrest Preston

Forrest Preston

F. Preston
0.51% | + $9.11M
$1.79 B ₹ 16,467 Cr
Real Time Net Worth #2246 Ranking as of 01 Mar 2026 By Forbes

More on Forrest Preston

Gender

Male

Age

93Y

Country

United States

Born On

January, 1933

Deceased

No

Relationship Status

Married

Children

4

Education

Unknown

Designation Info :

Self-Made

Yes

Entrepreneur Type

Self-Made (Nursing Homes)

Primary Organization

Life Care Centers Of America

Titles

Founder & Chairman

Sources of Wealth

Life Care Centers Of America

Industry

Healthcare, Real Estate

About Forrest Preston


F orrest Preston is a self-made American billionaire who founded and owns Life Care Centers of America, one of the largest privately held long-term care and nursing home companies in the United States. He started his career in the 1960s and, with his background in hospital administration, he identified a growing need for quality senior care facilities.

He founded Life Care in 1970 and has since built it into a massive enterprise with over 200 skilled nursing, assisted living, and retirement facilities across the country. He has built his company and his fortune by serving the needs of America's aging population. He remains the sole owner and chairman of the privately held company he built from scratch into an industry leader. He is known for being very low-profile and is a significant philanthropist in his home state of Tennessee.

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Quick Reads


  • Founder and owner of Life Care Centers of America.
  • A self-made billionaire, he founded the company in 1970.
  • Life Care is one of the largest private nursing home operators in the U.S.
  • He remains the sole owner of the multi-billion dollar company.
  • He is a major but low-profile philanthropist in Tennessee.

Early Life and Background


Forrest Lee Preston is an American businessman, the self-made billionaire founder, owner, Chairman, and CEO of Life Care Centers of America, one of the largest privately owned long-term elderly care facility chains in the United States. Born in Massachusetts in 1933, his father was a Seventh-day Adventist pastor.

Preston's original intent was to become a medical doctor. He was educated at Walla Walla College and Oregon State University and became a certified X-Ray technician. The genesis of his company came from his work in hospitals, where he observed the conditions of elderly patients and concluded there was a critical need for better long-term care and public relations in the healthcare system.

Career Journey of Forrest Preston


Forrest Preston co-founded an initial venture called Hospital Publications (creating patient booklets and PR materials) with his brother. In 1970, he founded Life Care Centers of America in Cleveland, Tennessee. His strategic vision was to build a national chain of high-quality, privately owned long-term care facilities, filling a massive social and healthcare need. The company grew to be the largest privately owned long-term care facility chain and the third largest overall in the United States.

His career, which continues as sole owner and CEO, has been marked by his commitment to his vision and his deep Baptist faith. His final years have been characterized by personal controversy: he married his former caretaker, Kim Phuong Nguyen, in 2018, leading to a public legal complaint from his son in 2024 over his father's finances and their use by his new wife's family. Despite this personal turmoil, his immense wealth is secured by the colossal, long-term returns generated by his essential healthcare services empire.

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Forrest Preston's Timeline


1970:

Founds Life Care Centers of America in Cleveland, Tennessee (Founding).

Ongoing:

The company grows to be the largest privately owned long-term care facility chain in the U.S. (Market Domination).

2017:

His first wife, Kathleen Marchant, passes away (Personal Event).

2018:

Marries his former caretaker, Kim Phuong Nguyen (Personal Event).

2024 (October):

His son files a legal complaint over his father's finances (Controversy).

Ongoing:

Continues as Chairman and CEO of the massive healthcare empire (Executive Oversight).

Major Business Ventures and Investments


Forrest Preston's wealth is concentrated in his founding and controlling ownership of the private healthcare giant, Life Care Centers of America.

  • Life Care Centers of America (Founder, Owner & CEO): The core private asset, one of the largest privately owned long-term elderly care facility chains in the U.S.
  • Healthcare Real Estate: His fortune is tied to the vast real estate holdings underlying his numerous nursing homes and long-term care facilities.
  • Investment Strategy: His philosophy is rooted in vertical integration and capitalizing on the structural demand for elderly care in the U.S.
  • Philanthropic Focus: He endowed the Benjamin M. Preston scholarship at Atlantic Union College (named after his pastor father).

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Philanthropy and Social Impact


Forrest Preston's social impact is massive and structural, stemming from Life Care Centers of America's role in providing essential long-term care for thousands of elderly patients across the United States. His company is a major employer in the healthcare sector.

His personal philanthropy supports various Christian and educational causes (attending First Baptist Church). His career provides a narrative of a self-made businessman who used his early medical training to identify and dominate a crucial niche in the American healthcare system.

Fashion, Style, and Lifestyle


Forrest Preston maintains the conservative, composed style of a successful Christian businessman. His attire is consistently formal and high-quality, favoring tailored suits. His aesthetic reflects stability and quiet authority, despite the public controversies of his later personal life.

Residing in Cleveland, Tennessee, his luxury is the immense security and financial reward derived from his multi-billion dollar fortune. His life is defined by his commitment to his faith, his company's mission of elderly care, and the legal challenges surrounding his personal and financial affairs.

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Quotes and Philosophy


No publicly available quotes.

Fun Facts & Trivia


  • He is the founder of Life Care Centers of America, one of the largest privately owned long-term care facility chains in the U.S.
  • He was originally a certified X-Ray technician and planned to become a doctor.
  • His early life included sleeping in a goat shed and being the son of a pastor.
  • He faced a legal complaint from his son in 2024 over his personal finances.
  • The idea for the company came from observing elderly patients in hospitals.
  • He is a member of the Baptist faith.
  • The company was founded in 1970.

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Sources & References


This profile is compiled from verified biographical and financial records:

  • Wealth Data: Real-time tracking and historical data from Forbes Billionaires and the Bloomberg Billionaires Index.
  • Biographical Records: Educational and career history sourced from Reuters, The Wall Street Journal, and official university alumni directories.
  • Regulatory Filings: Shareholder and executive disclosures from stock exchange databases, including HKEX, SSE, SZSE, and SEC EDGAR.
  • Corporate History: Primary data from annual company reports, founding charters, and verified press announcements.

All information is cross-referenced with public sources for accuracy; some narrative sections are AI-assisted summaries.

If you find any inaccuracies, please report them to admin@redcarpetlife.in

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