When I tried to open iPhoto, it says that I needed to update to the latest version.
Im using OS X Yosemite system.
When I search on App Store it says that "The item you've requested is not currently available".
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iPhoto and Aperture are not supported any more and have been removed from the app store.
From wikipedia (here):
On April 8, 2015, Apple released OS X Yosemite 10.10.3, which includes the new Photos app. iPhoto and Aperture were discontinued and removed from the Mac App Store.
The successor app Photos was just released – on the corresponding page at apple.com you'll find further information about this release.
I just went through this with a friend of mine. We found and installed iPhoto from the App Store under Purchases.
1) Launch the terminal (don't be afraid, type "terminal" on spotlight or in /Application/Utilities/Terminal(.app)
2) type : /Applications/iPhoto.app/Contents/MacOS/iPhoto