Speaking from Thailand today Mr Paraone said as chairman of the trust he was "very supportive" of the decision to charge New Zealanders, "although saddened to have to make it".
"The reality is that we have a responsibility to care for that estate and if you consider the state it has been kept in over the years I think the trust has done an excellent job but with the declining overseas visitor rates, this is follow on effect of that lack of income from that source."
Prime Minister John Key said charging New Zealanders for entry was "a step in the wrong direction".
"It's a very special place for such a long list of reasons and I think conceptually I think it would be much better to keep as free entry for New Zealanders."
Both Mr Peters and Mr Davis said the Government should give the trust more funding to allow it keep free entry for New Zealanders but Mr Key said that wasn't going to happen.
"They might argue for that but I think I would probably make the case that they've been making substantial investments over the last four or five years from what I can see, they seem to have done that very satisfactorily from the income stream they've got."
Other than entry fees the trust gets income from leasing land, primarily that which the Copthorne Hotel sits on.
Mr Paraone, who plans to remain in his unpaid role as chairman of the trust while in Parliament, said the trust's recent investment included "assets like the recent sale of national assets that the Government put up for offer".
"We've got an investment portfolio and I'm reluctant to give you details of that."