Recently bought a huge chest freezer(23 cubic feet) off ebay but it has problems...

The thermostat it came with allows you to go from cold - normal - off. The off function appears to work, compressor shut down when i switched to it. But the unit itself cannot get much under 52 degrees. I left it running 12 hours at the very cold setting, 52 degrees. I switched to normal for two hours, 52 degrees, switched to very cold for an hour, 52 degrees. Im not sure how long it would take to cool the whole vessel, but it has been 52 degrees for a long time, i set thermometer at different points inside and used a radial and a mercury based one to test. Is there a possibility of a freon leak or could it be electrical based?

There are several things that can lead to this problem. I suggest you refer to our diagnostic guide. Use the link at the top right of the page and navigate to the freezer section.

The only other point is that an empty freezer or over-filled one won't cool down properly. And it can take up to 72 hours to get to the proper temp.