Princess Caroline of Monaco Is a Grandmother for First Time

03/22/2013 at 01:00 PM EDT

Princess Caroline of Monaco Is a Grandmother
Princess Caroline
Pascal Le Segretain/WireImage
Princess Caroline of Monaco is a first-time grandmother, Monaco's Pink Palace announced on Friday.

"The Princess of Hanover and Madame Vera Santo Domingo have the joy to announce the birth of their grandson, born on March 21, 2013,"  a Palace statement said. "Both mother and the child are doing well."

The child is the son of Caroline's eldest, Andrea Casiraghi, 28, and his fiancée, Tatiana Santo Domingo, 29, who intend to wed later this year.

Under Monaco's constitution, Casirghi is second in line – directly after Caroline, 56 – to succeed his uncle Prince Albert II, as Monaco's ruling sovereign. Until his uncle produces an suitable heir, Casiraghi's infant son will become third in line.

No mention of the child's name yet, but it's a subject certain to monopolize conversation at the Monaco's traditional Bal de la Rose this weekend.

Princess Caroline of Monaco Is a Grandmother for First Time| Babies, The Royals, Princess Caroline

Tatiana Santa Domingo and Andrea Casiraghi

Eric Ryan / Getty

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