Depends on how you spin in.
Consider a cylindrical bar magnet.
If you spin it end over end (perpendicular to the axis of symmetry), then the dipole is changing and you will slowly radiate away energy and the spin will slow down.
If you spin it along the axis of symmetry, the dipole (or any higher moment) is not changing in time, so no energy will be radiated away. However this will create an electric field. It would cost you energy to start it spinning, but it doesn't cost any energy to continue "producing" the electric field.
Of course, if you try to use this electric field to accelerate charges and light a flourescent light or something, then of course, by conservation of energy, you would not be able to do this forever.