Levi Johnston, Bristol Palin

Republican VP candidate Sarah Palin is now a grandma, everybody. Her teenage daughter had that much-talked-about baby.

Bristol Palin, now 18, gave birth to a healthy baby boy who weighed in at seven pounds, four ounces. His name is Tripp Easton Mitchell Johnston. The father of the baby is Bristol’s boyfriend, Levi Johnston, a former high school hockey player. Both have dropped out of high school — she to complete her diploma through correspondence courses, and Levi has said that he plans to become an apprentice electrician. The couple has stated that they plan to marry in 2009.

The young couple won’t have to worry about money for the time-being. Reports have surfaced that People magazine is buying the exclusive first pictures of little Tripp for $300,000. The bidding for the photos began at $100,000.