Baz Luhrmann's Moulin Rouge is NOT a remake and as far as I know, has little in common with previously titled films of the same name other than the title and being set at the Moulin Rouge in France.
The original is one of the best films of the 50's IMO. It's a fictional account of Henri de Toulouse-Lautrec's and his visits to the Moulin Rouge & tormented love life. Beautifuly shot, great atmosphere and an excellent performance by Jose Ferrer as Lautrec.