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Prescott \p-resco-tt, pr(es)-cott\ as a boy's name is pronounced PRESS-scott. It is of Old English origin, and the meaning of Prescott is "priest's cottage". Place name. One of the middle names of former President George H.P. Bush. Prescott has 3 variant forms: Prescot, Prestcot and Prestcott. View a list of the 2 names that reference Prescott.