iTunes and iTunes Previous Library Problem

[IffySituation]

OK so my iTunes is apparently using using files (songs) from my Previous Library rather than iTunes/iTunes Music/Music...any ideas? I'll post a pic.
The top finder window is the path to a Ken Burns Duke Ellington compilation which shows it in Previous iTunes Libraries, it also shows up in the iTunes app when I search for that title, and the bottom finder window which should be the "master" iTunes library shows the path to where I should find the same file, but its not there.

This does not seem normal

 

[IffySituation]

EDIT: After looking in iTunes Preferences it appears the iTunes Media Folder is pointing to putting it in iTunes Previous Libraries, can I change that location to the correct/logical location without hosing up my iTunes?