Billionaire real estate mogul Donald Trump and his wife, Melania, have named their newborn son Barron William Trump.

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The couple's first child -- and Trump's fifth -- was born Monday at 8 1/12 pounds and 21 inches, the New York Daily News reported.

The couple chose the name Barron because "they both loved it," a source close to the family told the newspaper. "Donald just always liked the name."

Trump's partner in NBC's "The Apprentice," Mark Burnett, gave the show a plug in his statement congratulating the couple.

"Finally after three years, Donald Trump has a real, true apprentice," Burnett said.