This paper deals with the complete passive levitation for a typical Jeffcott rotor and rotation of the same at the speeds around 40,000 rpm. The passive levitation is achieved by supporting the rotor axially by a permanent magnet bearing and discrete bump foil bearings for the radial support. The permanent magnet bearing is made up of three pairs of ring magnets arranged in Halbach pattern. Bump foil bearings are designed for rotor weight to provide the radial support to the rotor system. The proposed rotor-bearing configuration is analysed using Finite Element Analysis (FEA) software (ANSYS) for rotor dynamic characteristics. The designed rotor bearing system is fabricated and tested up to the speeds of 40,000 rpm. The system response is acquired using advanced rotordynamic data acquisition system. The experimental results show that the rotor is completely airborne and stable at the desired speed.