Since that's steel casing my bet is that the old one developed a hole in the casing, which was why the new one was drilled. The previous homeowner should have properly abandoned this well.
If that's not the case then I would bet that the pump is locked up after sitting for so many years. Most submersible pumps are 220, you will need a minimum 3500-5500 KW generator to run the pump. Looks like a two wire pump, no control box.