Presley Family 'Very Excited' for Lisa Marie's Pregnancy
03/15/2008 AT 01:00 PM EDT
Presley revealed on March 7 that she was expecting her third child this fall. The baby will be her first with husband guitarist and music producer Michael Lockwood, 46.
At the opening night of PaleyFest, where her father Elvis Presley's '68 Comeback Special played at Hollywood's Arclight Cinerama Dome, Presley told PEOPLE, "I'm fine ... lovely."
Added grandma Priscilla, who was also at the event: "It feels great ... to have a baby coming into the family – all of our kids are all grown. My son, of course my daughter is all grown with her kids, and now her children are grown, so it's a new experience – it's great!"
Lisa Marie, 40, has two teenagers with ex Danny Keough, daughter Riley, 18, and son Benjamin, 15, and says both are "very excited" to welcome a new sibling.
"I don't really know what to do with myself when I'm not a mother," says Presley, who's also been at work on her third album. "I just feel like I’m good at it ... I'm all right at it, and my kids are teenagers, so I thought it was time to have another round. And my mother kind of did the same thing with my brother, so, it's just time."