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This paper presents the design, implementation, feedback stabilization, and experimental validation of a novel permanent magnet levitation system. Conventionally, magnetic levitation systems utilize electromagnets to levitate magnetic objects against gravity by stabilizing them around equilibrium points at which the applied magnetic force balances the gravity. This magnetic force must be dynamically adjusted by means of a stabilizing feedback loop, which is established by easy control of the electromagnet voltage. Despite the key advantage of easier control, electromagnets often produce much weaker magnetic forces compared to permanent magnets of similar size, weight, and cost. Therefore, this paper proposes the use of a permanent magnet to produce the magnetic force necessary for levitation, and the use of a linear servomotor to control the magnitude of this force by adjusting the distance between the magnet and the levitating object. To demonstrate this idea in practice, an experimental setup is designed, prototyped, and successfully stabilized using a computer-based feedback control loop.