This metal oxide is Fe(OH)3 and is sparingly soluble in acetic acid. Since this is the case, could a reaction equation be generated? What does acetic acid do to Fe(OH)3?
Apparently Fe(III) acetate is a complex: http://en.wikipedia.org/wiki/Iron%28III%29_acetate this may be the reason for slow reaction between Fe(OH)3 and acetic acid. How long was the reaction time? Did you stir? What was the temperature? According to http://www.endmemo.com/chem/compound/fec2h3o2_3.php it is a brown amorphous powder, not solube in water ut soluble in alcohol. It may also explain the blocking of the dissolution reaction. Fe(III) acetate is a salt wher both the base and the acid are weak. If one of them is strong (eg. Fe(III) nitrate or sulphate , you can get a soluble salt with acidic pH - due to hydrolysis.
In addition to the previous responses, these details could be added: Similar principal to organic chemistry. The acid protonates the oxide or hydroxide. Water is a better leaving group than hydroxide or oxide. Water leaves; and an acetate oxygen takes its place to coordinates the Fe(III) ion. Think about EDTA carboxyl groups that coordinate metal ions. If you replace enough oxide/hydroxide groups with ligands from soluble substances, you have now solubilized the iron.